Over the past month, several market assets have been attempting to achieve new all-time highs, reflecting the ongoing volatility and excitement in the crypto market. Bitcoin (BTC) successfully hit a new all-time high earlier this month, solidifying its dominance in the space.
Meanwhile, Ethereum (ETH), the second-largest cryptocurrency by market capitalization, has struggled to reach similar milestones. Many investors were optimistic that ETH could at least cross the $4,000 threshold, with some more ambitious traders predicting a surge to $5,000.
However, these predictions have yet to materialize, leaving the community divided on ETH’s short-term potential. Amid this uncertainty, a well-known market analyst recently shared their insights on what could be in store for Ethereum by the end of the year.
Will Ethereum Hit $5,000 by the End of 2024?
According to CoinMarketCap, Ethereum (ETH), the second-largest cryptocurrency by market capitalization, is currently trading at $3,908.56, reflecting a daily price drop of 0.20%. Despite its strong market presence, Ethereum remains 20% below its all-time high of $4,891, which was recorded in November 2021. For the altcoin to reach the significant milestone of $5,000, it would need to climb by approximately 35%.
This isn’t a significant figure for the Ethereum market, especially considering the asset jumped over 16% in the past month. However, the likelihood of it reaching $5,000 seemed slim. Analyst Pentoshi shared with his 830,900 followers that Ethereum is undergoing “structural changes” alongside “consistent and large ETF flows.” He also highlighted that ETH achieved its “highest weekly close of the year.” According to Pentoshi, Ethereum might retest its peak sooner than many traders expect.
There are various predictions about Ethereum’s potential price, but it is expected to surpass the $4,000 mark. Based on our technical and price analysis, ETH could reach approximately $4,836 by the end of the month. Experts predict the price will range between $4,605 and $4,836, with an average estimate of $4,747 for December. If this holds true, it would represent a 10% increase from today’s value.
Also Read: Ripple (XRP): How High Will XRP Trade on Christmas Day?
Disclaimer
The information in this article should not be considered financial advice, and the OvenAdd platform is intended only to provide educational and general information. Please conduct your own research and consult a financial advisor before making any investment choices.
