Ethereum (ETH) Path to $10K: Coinbase & Analysts are Bullish
Ethereum (ETH), the second largest cryptocurrency, has seen mixed performance lately but it may be gearing up for a major price surge according to several prominent analysts. Despite lagging behind Bitcoin’s gains this year, bullish predictions are emerging that ETH could be poised to rally well into the five-figure range.
TLDR
Cryptocurrency analysts express bullish sentiment on Ethereum (ETH), with one suggesting it could surge to over $10,000 by the end of the year.
Coinbase says ETH has the potential to surprise to the upside in coming months, as it lacks major supply-side overhangs like token unlocks or miner sell pressure.
The market may be underestimating the timing and odds of potential U.S. spot ETH ETF approval, which could boost prices if it happens.
Technical analysts see bullish signs for ETH, noting a completed “Bullish Cypher Pattern” and key support at the 38.2% Fibonacci retracement level around $2800. A move back above $4000 is eyed.
One of the most eye-catching forecasts comes from analyst CryptoYoddha, who suggests Ethereum will skyrocket past the $10,000 mark before the end of 2024.
#Ethereum will rally above $10,000 till the EOY pic.twitter.com/xVgmqtc27A
— Yoddha (@CryptoYoddha) May 13, 2024
Michaël van de Poppe, another widely followed analyst, expressed a similarly optimistic outlook, noting that ETH appears to be in the final stage of its corrective phase. He anticipates significantly higher prices within the coming weeks.
#Ethereum is at the end stage of the correction.
There’s around 10% more to be going down on it, as then we’re reaching a higher timeframe support level.
The good times are there in a few weeks time. pic.twitter.com/21mZeSUAxx
— Michaël van de Poppe (@CryptoMichNL) May 15, 2024
These lofty price targets are not just wishful speculation though.
Coinbase’s latest research report outlines several key factors that could propel Ethereum higher in the near future. Notably, ETH currently lacks major supply-side overhangs like large token unlocks or heavy miner selling that often cap rallies.
On the contrary, the report highlights that staking and layer 2 growth are steadily reducing liquid ETH supply.
Ethereum’s dominant position in decentralized finance (DeFi) also looks secure thanks to widespread adoption of the EVM and scaling innovations. This provides a strong fundamental backdrop for appreciation.
Another potentially huge catalyst that Coinbase believes the market is underestimating is the approval of a U.S. spot ETH ETF.
The SEC has key decisions upcoming in late May, and while the initial ones may face rejection, the report suggests litigation could ultimately lead to a reversal. Even just increased odds of this happening could spark bullish speculation.
On the technical front, analysts are also spotting chart patterns that point to a potential breakout ahead. Titan of Crypto notes ETH has already completed a bullish Cypher pattern and bounced cleanly off the key 38.2% Fibonacci retracement support around $2800.
Historically, this has served as a springboard for upward momentum during crypto bull markets.
Additionally, analyst JACKIS highlights Ethereum’s previous spike above $4000 in March as a major structural turning point, signaling the start of a new long-term uptrend.
Based on the confluence of technical and fundamental drivers, a retest or even break of those highs seems like a reasonable near-term target for many.
Of course, the path ahead is not without obstacles. Macro headwinds and persistent regulatory uncertainty could still dent sentiment.
An outright rejection of spot ETFs by the SEC might spur a knee-jerk selloff. Nonetheless, the balance of evidence seems to be shifting firmly in the bull camp for Ethereum.
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