On-Chain Data Points to $5.4K ETH by 2024

• Ethereum’s price could potentially surpass $5,400 by 2024 based on the Mayer multiple oscillator.
• The ETH/BTC ratio may reach the highs of the 2021 bull market, supported by the Dencun upgrade.

In a surprising turn, Ethereum’s high-risk price projection indicates a potential rise to $5,400. This forecast utilizes the Mayer Multiple oscillator, as presented on the Crypto Quant platform.

The author from Crypto Quant emphasizes the importance of observing, comparing, and following the data for short-term price predictions. While 2024 shows promise, it is crucial for Ethereum (ETH) to first surpass its previous all-time high (ATH), which is not an easy feat.

#Ethererum high-risk price is showing 5.4K.

This chart applies the Mayer Multiple oscillator to #ETH pic.twitter.com/R9SOpWx9zx

— binhdangg (@binhdangg1) March 21, 2024

Recent analyses by CNF on Ethereum ETF prices suggest that market analysts foresee a significant role for Ethereum in the 2024 crypto market rally. Historical trends and Ethereum’s recent performance underpin this optimism. Despite institutional traders’ cautious approach, Ethereum’s bullish trend is likely to continue, potentially leading to a 22% price increase.

This growth is further supported by the anticipated fundamental enhancements from the Dencun upgrade, which could elevate the ETH/BTC ratio to its 2021 bull market levels. Bitfinex analysts estimate that this could result in Ethereum’s value reaching around $5,900, based on the current BTC market price.

The upcoming Dencun upgrade is anticipated to add significant value to Ethereum, enhancing the ETH/BTC ratio to potentially reach 2021 bull market levels. Bitfinex analysts state:

This would mean an approximate value of $5,900 for Ether based on the current BTC market price. Again, we can expect the BTC price to be higher than current levels by the time this level on the ETH/BTC ratio is reached.

The possibility of a spot Ether exchange-traded fund (ETF) being approved is a highly anticipated event that could significantly affect Ethereum’s short- to medium-term price. According to John Lo, founder of Recharge Capital, the approval of an Ether ETF might encounter more regulatory scrutiny from the SEC than previous Bitcoin ETFs. This aligns with recent updates from CNF, indicating that the Ethereum Foundation is under investigation, casting uncertainty over the approval of ETH ETFs.

Ethereum currently trades at approximately $3,520, showing a modest increase of 0.22% in the past 24 hours, as illustrated in the accompanying chart.