Although the second-largest cryptocurrency by market cap has had a rather underwhelming few months, Ethereum is still set to surpass the $3,000 mark in 2024. Yet, the more important question is: when? The token, like much of the crypto market, has struggled with increased volatility.
Traders expected that to change with the landmark arrival of Spot Ethereum ETFs this year. Becoming the second crypto-based ETF in the US, it has high hopes following Bitcoin’s success. Those products have also been underwhelming, but their turnaround could be massive for the asset itself.
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ETH to $3,000? Why It is Still Likely in 2024
Ethereum is firmly entrenched atop the crypto market. Standing as the second most valuable crypto behind only Bitcoin, there is no question it is likely to remain there for eth long haul. However, 2024 has proven to be filled with some important highs, and notable lows.
During August, it has certainly been more volatile. Over the last 30 days, the crypto has fallen more than 23.4%, according to CoinMarketCap. Moreover, its nearly 2% drop in the last seven days has it trading above the $2,570 level.
Despite its struggle, Ethereum does appear still bound for a $3,000 surge in 2024, but when? Well, that depends on a variety of technical factors. But, it does appear like it could take a bit of time to come to fruition.
Also Read: Bitcoin (BTC) & Ethereum (ETH) Price Prediction For September 2024
The most important obstacle standing in ETH’s way is the $2,700 resistance level. If it can overcome that, $3k should be well on the way. Crypto analyst Poseidon took to X (formerly Twitter) to discuss the asset’s upward potential.
“Followed the plan, and my longs filled sub $25000. The price tested daily demand, cleaned equal lows, and reclaimed back above it. Still too early to talk, but everything is looking good to send it above $3k,” they said in the post.
Alternatively, fellow analyst Elja Boom echoed a similar sentiment. They noted that the price “keeps trading within a certain range.” Calling it “the boring phase,” it did note that it will poise a breakout to occur in Q4 of this year. Therefore, ETH could eye a $3,000 rally in October.
