2024 Price Target: $5.4K ETH for Key Ethereum Metric

According to a technical price indicator, the price of Ether could reach $5,400 by 2024. This indicator, called the Mayer multiple oscillator, compares Ether’s current price to its 200-day moving average. In a high-risk scenario, the price of Ether could even surpass $5,400. Bitfinex analysts believe that Ether’s price may reach the upper band of the indicator, but it could be even higher than $5,400 by the time it reaches those levels.

Currently, Ether is trading above $3,500, which is about 27% below its all-time high of $4,891 reached in November 2021. Market participants are optimistic about Ether’s future, with over 62% expecting it to reach its previous all-time high by 2024. This is an increase from 45% a month ago, according to predictions market Polymarket.

Bitfinex analysts also predict that the ETH/BTC ratio could reach the highs of the 2021 bull market. Based on the fundamental value added by the Dencun upgrade, this could result in a value of around $5,900 for Ether. The analysts note that the BTC price may be higher than its current levels by the time this ratio is reached.

One factor that could significantly impact Ether’s price in the short to medium term is the potential approval of a spot Ether exchange-traded fund (ETF). An ETF would provide an avenue for investors to gain exposure to Ether in a regulated manner. The approval of an Ether ETF is less certain compared to previous Bitcoin ETF approvals. Regulatory scrutiny by the SEC is expected to be greater for Ether ETFs. The SEC has postponed its decision on several Ether ETF applications, including VanEck’s, with the final deadline set for May 23.

There is optimism among traders and market participants that the price of Ether could reach new highs in the coming years. The Mayer multiple oscillator indicates a potential price of $5,400 or even higher, and the ETH/BTC ratio could also reach the levels of the 2021 bull market. The approval of a spot Ether ETF is another significant event that could impact Ether’s price trajectory, but it faces regulatory scrutiny and is not as certain as previous Bitcoin ETF approvals.