Expert Forecasts Ethereum Surge to Five-Figure Value Amidst Whales’ Accumulation
In recent analysis and forecasts within the crypto domain, Ethereum's potential ascent to a five-figure valuation by the year's end has caught the attention of market experts.
Credible Crypto shared insights suggesting Ethereum could potentially surge to $10,000 by 2024. This forecast indicates an eye-catching growth of over 343% from its current standing. Additionally, Credible Crypto painted an even more bullish scenario, projecting a maximum price target of $20,000, reflecting a staggering 786% potential upside.
Looking at Ethereum’s recent price action, the analyst hinted at a possible recent low around $2,100, suggesting the likelihood of a corrective dip towards $2,160 before the coin attempts to breach its resistance at $2,400.
Some LTF thoughts on $ETH.
Think that last liq 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 fort the next leg up. pic.twitter.com/XY5uoOT9tV
— CrediBULL Crypto (@CredibleCrypto) January 5, 2024
Credible Crypto’s optimism aligns with data provided by the blockchain analytics platform Santiment, which reports a substantial accumulation of Ethereum among the top 150 self-custody wallets. These wallets now collectively hold an unprecedented 56.25 million ETH, signifying a noteworthy accumulation trend. Concurrently, the quantity of ETH held in exchange wallets is reported to be at its lowest since June 2018, currently standing at 9.46 million ETH.
READ MORE: Bull Run Kickoff: Market Expert Anticipates Crypto Market Surge
When combining both exchange and non-exchange wallets, Santiment reveals that these top 150 whales collectively hold 65.71 million ETH, marking an all-time high in their ownership of the cryptocurrency.
https://twitter.com/santimentfeed/status/1742959601174340044
The market sentiment remains notably positive for Ethereum, with analysts like Credible Crypto and data from Santiment pointing towards a potential bullish trajectory fueled by substantial accumulation and optimistic price targets.
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
