One widely followed cryptocurrency analyst and trader believes that the price of Ethereum (ETH) could reach a five-figure price this year.
The analyst is known as Credible Crypto Tells His 363,700 followers on the social media platform
Credible Crypto goes on to say that the maximum price for Ethereum in 2024 is $20,000 – a rise of approximately 786% from its current value.
Looking at Ethereum’s price action in the lower time frame, Credible Crypto says that while Ethereum hit a local bottom earlier this week at around $2,100, the leading altcoin could still see another corrective move towards $2,160 before… Challenging its resistance at $2,400.
“I think the final liquidation wick represents our bottom, but at least in the short term I think we may see a small move lower and a bit more range before we’re ready for the next leg higher.”
Credible Crypto’s bullish trend towards ETH comes as blockchain analytics platform Santiment says Ethereum whales are rapidly amassing the second-largest digital asset by market capitalization.
According to Santiment, the top 150 self-custodial wallets now hold 56.25 million ETH, the highest level ever recorded. Meanwhile, the exchange’s wallets contain 9.46 million ETH, the lowest level since June 2018.
In the case of exchange and non-exchange wallets, Santiment says the top 150 whales now hold 65.71 million ETH – a new all-time high.
Ethereum is trading at $2,255 at the time of writing.
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