Cryptocurrency data firm CoinCodex developed the Ethereum Rainbow Chart which predicts Ethereum price to reach $28,700 by the end of 2025. This analysis is based on Ethereum’s price volatility and cyclical nature of Bitcoin halvings which introduce extra supply-side pressure on Bitcoin and the rest of the crypto market every 4 years. Nevertheless, there are numerous factors which could help ETH grow in 2024. For example, the UK and Dubai aim to become global crypto hubs, Hong Kong has welcomed Coinbase to set up an office there, and the EU is pushing ahead with its Markets in Crypto Assets framework. However, despite the gains, ETH is currently facing some concerns in the short term. Although the allegations did not mention Ethereum as a security, SEC chair Gary Gensler has previously raised concerns that Ethereum’s move to Proof-of-Stake makes it a security. Another consideration is that the SEC could file a lawsuit against Ethereum, particularly since SEC chair Gary Gensler has previously called Ethereum a security. Identity theft and other issues involving privacy and security risks pose a threat to every internet user.
Many known and unknown risks could be detrimental to ETH’s price. 0.311 per coin. Until January 2016, the price mostly traded for less than $1. Our average expected Ethereum coin price forecast is $7,630 and we predict potential lows of $4,500. Or, in simple terms, Ethereum is now a deflationary coin. With this in mind, our Ethereum price prediction forecasts Ethereum could increase as much as 120% from its current ATH. While it could push higher than this, global economic conditions and FUD could make a high price harder to attain in 2024. Therefore, we also forecast a possible low of $1,800. Crypto analyst Gareth Soloway calls for a $650 ETH price in 2023. This forecast comes after he successfully called the top of the previous bull market. In short, this network event allowed validators to unstake the ETH they used to secure the new Proof of Stake blockchain. ETH is currently down 64% from its ATH but up 98% from its recent bear market lows.
Additionally, considering the SEC’s recent crypto action and the fact that the next crypto bull run is expected in 2024, we are unlikely to see Ethereum create new higher highs this year. The recent Ethereum price movement could mean retail investors buy at a high price, providing extra liquidity for whales to short and sell more coins. If the Gnosis Panoptes (GP) index should put in a new high within the next 9 to 18 days, it could indicate that we should be ready for a sharp pullback in September. Based on gold’s 10 trillion market cap at the time of the interview, this would put the Ethereum price at $80,000. There are providers that are affiliated with the trade price and they’re going to inform you how a lot to put in. Use the link to login Olymp trade commission Trade and go through the quick online registration. It offers lots of potential, but the novel use cases, tokenomics and regulatory uncertainty make it a riskier asset than Bitcoin. This is because as an asset matures, the amount of liquidity needed to boost its price increases.
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