Ethereum’s Meteoric Rise: Analyst Sees Potential 786% Gain To $20,000 In 2024

Renowned crypto analyst CrediBULL Crypto has made bold predictions about Ethereum’s potential price surge in 2024. In a post on X on Friday, the analyst said that Ethereum could hit five figures in the coming year, with a minimum price target of $10,000. This outlook implies a potential gain exceeding 343% from the current trading level.

At the time of writing, ETH was trading at $2,244.18, down by just 2 percent in the last seven days. In a more bullish scenario, the crypto analyst envisions Ethereum reaching a maximum price of $20,000, suggesting an astonishing upside of around 786%.

“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,” CrediBULL Crypto said in the post.

The analyst’s optimism aligns with data from blockchain analytics platform Santiment, which reveals a significant accumulation of Ethereum by whale investors. According to Santiment, the top 150 self-custody wallets now collectively hold a record-breaking 56.25 million ETH, while exchange wallets hold a mere 9.46 million ETH, the lowest level since June 2018.

These statistics indicate a rapid accumulation of Ethereum by the largest holders. Both exchange and non-exchange wallets, owned by the top 150 Ethereum whales, now boast a total of 65.71 million ETH, marking an all-time high in whale holdings, Santiment reported.

The predictions of CrediBULL Crypto and the data from Santiment suggest that Ethereum could experience significant growth in the coming years. As the second-largest cryptocurrency by market capitalization, Ethereum has already established itself as a major player in the crypto space. Its smart contract capabilities and decentralized applications have attracted a wide range of developers and users.

While no investment is without risk, the potential for Ethereum to reach five figures in price by 2024 is an exciting prospect for crypto enthusiasts. The continued accumulation of Ethereum by whale investors further supports the notion that there is confidence in the future of the cryptocurrency.

It is important to note that cryptocurrency markets are highly volatile and subject to various factors such as market sentiment, regulatory developments, and technological advancements. Investors should conduct thorough research and consider their risk tolerance before making any investment decisions.

In conclusion, CrediBULL Crypto’s predictions about Ethereum’s potential price surge in 2024, along with Santiment’s data on whale accumulation, point towards a bullish outlook for the cryptocurrency. As Ethereum continues to innovate and gain adoption, it will be interesting to see how its price evolves in the coming years.

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