It has been revealed the fact that Ethereum will see a price explosion of over 340% this year. Check out the latest reports about this prediciton below.

Ethereum price to explode in 2024

A cryptocurrency analyst and trader, who is followed by a large number of people, has suggested that Ethereum (ETH) could reach a five-figure price this year.

The analyst, who goes by the name “Credible Crypto” on social media platform X, has stated that his minimum price target for Ethereum in 2024 is $10,000 – a gain of over 343% from the current level.

Additionally, he has mentioned that his maximum price target for Ethereum in 2024 is $20,000 – an increase of approximately 786% from its current value.

When looking at the price action of Ethereum in the short term, Credible Crypto has stated that Ethereum may experience another dip towards $2,160 before it challenges its resistance level at $2,400, despite having reached its local bottom earlier this week at around $2,100.

“Think that last liquidation wick marked our bottom but at least in the short term think we may see a small move down and a bit more ranging before we are ready for the next leg up.”

Credible Crypto recently shared a bullish perspective on Ethereum. This sentiment is supported by Santiment, a platform that analyzes blockchain data, which reports that Ethereum whales are rapidly accumulating the second-largest cryptocurrency by market capitalization.

According to Santiment, the top 150 self-custody wallets currently hold 56.25 million ETH, which is the highest amount ever recorded. Meanwhile, exchange wallets hold only 9.46 million ETH, the lowest level seen since June 2018.

Santiment’s data shows that the top 150 whales, regardless of whether their wallets are on exchanges or not, now own 65.71 million ETH. This is a new all-time high for Ethereum.

Stay tuned for more news from the crypto space and make sure to check the market as well.

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