One crypto analyst has recently made a bold prediction regarding the future of Ethereum (ETH). This analyst, known as ‘Yoddha,’ has set a timeline for when Ethereum, the world’s second-largest cryptocurrency, is expected to embark on a significant rally to new all-time highs above $10,000. According to Yoddha, Ethereum is anticipated to see a massive surge after a period of accumulation and decline, eventually reaching above $10,000 by the end of the year.
Yoddha’s prediction is based on historical trends exhibited by Ethereum from 2016 to 2024. The analyst shared a chart depicting Ethereum’s price action over these years, highlighting periods of accumulation, interim peaks, and volatility. The chart showed periods of accumulation from 2019 to 2021, followed by a significant surge to a peak of $4,867 towards the end of 2021.
After analyzing these historical trends, Yoddha identified a similar accumulation phase in Ethereum’s current market cycle from 2022 to early 2024. Despite facing a bearish trend in 2022 and 2023, Ethereum recently reached a record high of $4,088 on March 12, 2024. Yoddha believes that Ethereum has concluded this accumulation and bearish period and is poised to rally to $15,346 by the end of 2024.
In another post, Yoddha suggested that Ethereum could kickstart the upcoming altcoins season. The analyst highlighted the anticipated altcoins season in 2024, emphasizing that altcoins will gain more traction once the hype surrounding meme coins diminishes. Yoddha predicted that 2024 could witness the biggest altcoins season yet, featuring healthy pullbacks and new all-time highs.
Presently, Ethereum is trading at $3,024, reflecting a 1.58% decline over the past month. To surpass $10,000, Ethereum would need to jump by more than $7,000, driven by increased investor demand and interest in the cryptocurrency. Additionally, the potential introduction of an Ethereum Spot ETF in 2024 could further fuel this rally.
Crypto analyst Ali Martinez has noted that Ethereum’s TD Sequential is currently presenting a “buy signal” on ETH’s daily price chart. Martinez predicts that Ethereum could see a rebound of one to four candlesticks from its recent price drop, indicating a potential uptrend in the near future.
While Yoddha’s prediction for Ethereum’s future may seem ambitious, it is based on careful analysis of historical trends and market behavior. Only time will tell whether Ethereum will indeed reach new all-time highs above $10,000 and potentially even surpass $15,000 by the end of 2024. Investors and enthusiasts alike will be eagerly watching to see if Ethereum can fulfill this bold forecast.