Key Ethereum price metric targets $5.4K ETH in 2024

Traders can use a technical price indicator to assess whether a cryptocurrency is overbought or oversold in the latest crypto market. According to this indicator, Ether could reach the $5,400 mark in 2024, making it a key topic for those looking to keep up with crypto. The recent surge in interest from figures like Mark Cuban has brought even more attention to the cryptocurrency market. Additionally, the upgrade from LG WebOS 2.0 to 3.0 has further solidified its place in the crypto world. Experts like John Markoff predict that the market will continue to grow, with crypto predictions for 2023 showing significant potential for growth. It’s clear that fundamental changes are underway in the crypto market, making it an exciting and dynamic space to watch.

In 2024, Ether’s price could potentially exceed $5,400, according to the Mayer multiple oscillator.

Based on the Mayer multiple oscillator, which compares Ether’s current price to its 200-day moving average, there is a high-risk scenario where Ether’s price could surpass $5,400. This analysis was shared by CryptoQuant-verified author Binhdangg in a March 21 X post.

Experts at Bitfinex also believe that Ether’s price could potentially reach the upper band of the indicator, which could be even higher than $5,400, as reported by Cointelegraph.

Currently, Ether is trading above $3,500, which is about 27% below its all-time high of $4,891 achieved on November 16, 2021, according to CoinMarketCap data.

According to predictions market Polymarket, over 62% of market participants are expecting Ether to reach its previous all-time high in 2024, a significant increase from 45% just a month ago.

Bitfinex: ETH/BTC Ratio Could Reach 2021 Bull Market Highs

According to Bitfinex analysts, the upcoming Dencun upgrade could significantly increase the fundamental value of the ETH/BTC pair, potentially leading to new highs in the 2021 bull market.

One of the most highly anticipated events in the crypto market is the potential approval of a spot Ether exchange-traded fund (ETF). However, Recharge Capital founder John Lo believes that the approval of an Ether ETF is less certain compared to previous Bitcoin ETF approvals, as the SEC may subject it to more regulatory scrutiny.

The SEC has pushed its decision on VanEck’s ETF application to May 23 and has also delayed its decision on the Hashdex and ARK 21Shares spot Ether ETFs to late May. These ETF applications have a final deadline for a decision in late May.

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