ETH price prediction: Key highlights
1. Primary support and resistance levels
- According to the analysis on the weekly chart, the lowest support for ETH was established at $1,615.
- On the flip side, the highest resistance level can likely stand around $4,600.
2. Market sentiment
- The market state has been observed to be bullish in April 2024.
3. Predictive forecasts
- Our AI/ML predictive models forecast the average price of ETH to reach approximately $7,000 in 2028.
- It’s suggested that the average price could toar over $10,000 in 2030.
Get in-depth insights on ETH via a comprehensive monthly technical analysis, followed by the coming days of the month, upcoming months, and yearly forecast tables derived from our AI/ML-based predictive models:
ETH technical analysis: Can the king of altcoins regain momentum?
For ETH, bulls appeared to be the dominant force, capitalizing on market opportunities. Yet, the market downturn prompts a closer look at the Ethereum price prediction in 2024.
The analysis period commenced with a rally that led to the price reaching $2,135 in mid-April. Nonetheless, a rejection followed. The series of declines led the price to fall back to its lowest price floor at $1,615 by mid-August.
After brief dips below this level, bulls initiated a stronger rally in mid-October, pushing the price over $2,135 in December and turning it into support. For the entire month, buyers strived to defend this support while eyeing the resistance at $2,506. A subsequent test of this level in January triggered a slight pullback mid-month.
The decline ceased swiftly. Additionally, upward momentum resumed towards the month’s end, overcoming the resistance by mid-February. The price continued to ascend, and by March, it had surpassed the $3,457 threshold, establishing a new peak resistance at $4,003.
A test of this level precipitated a corrective drop. The cryptocurrency market experienced a significant downturn in April, profoundly affecting the altcoin’s price. This decline drove the coin’s value below $3,457.
Furthermore, the price even dipped temporarily below the $3,000 mark, triggering widespread concern and panic among investors. Nonetheless, ETH managed to recover slightly, exchanging hands at $3,092 at the time of writing.
AMBCrypto’s analysis of CryptoQuant’s data showed a decline in the exchange reserve, indicating reduced selling pressure. Further examination revealed an increase in both the number of active addresses and the transaction count.
Moreover, the positive status of the Funding Rate suggested that traders holding long positions were predominant, effectively compensating short-position traders. Insights from Hyblock Capital also highlighted potential milestones for ETH if the current bullish trend persists.
Initially, ETH might aim for a target of $3,340, where an increase in liquidations is expected. Should it manage a successful breakout above this level, subsequent targets could be $3,600 and $3,800 in the ensuing days.
Notably, Hong Kong has granted approval for the first series of spot Bitcoin (BTC) and Ethereum (ETH) exchange-traded funds (ETFs). The anticipation of and ongoing discussions about a potential Ethereum ETF being approved in the U.S. could draw significant attention and investment from both investors and the industry.
This development could act as a catalyst for further growth, propelling the coin’s price beyond its current highest resistance level. Such a surge could elevate the price to as high as $4,500 in the short to medium term.
ETH can also follow in BTC’s footsteps and reach its all-time high (ATH) this year with prospects to touch the $5,000 mark. However, it may encounter significant resistance at $4,600 as the price trajectory evolves.
Our models predict that ETH will trade at an average price of $7,000 in the next four years. The next significant milestone for the coin would be crossing the five-digit mark, which is most likely to happen in 2030. The models predict that the coin might average over $10,000.
However, the presence of bearish pressure cannot be ignored. A downturn for Ethereum could see its price retract below $3,083, with a more bearish scenario bringing it closer to the $2,506 mark.
ETH’s 2024 roadmap: Key indicators to watch and trade
- The trading volume started high but began to decline as the price dropped. A recovery was observed during the bullish phase in mid-October.
- Since mid-February, the volume had been recording new highs, which faltered slightly given the recent downtick. This signaled that the investors were potentially waiting for more definite signs before committing further.
- The On-Balance Volume (OBV) ascended slightly at the outset, then descended until October. It sustained an uptrend till March. Nonetheless, its trajectory reversed, reaching the value of 131.457 million at the time of writing.
- This value was lower from the recent high of 145.714 million. It indicated a drop in buying pressure.
- In June, the Moving Average Convergence Divergence (MACD) line crossed below the signal line, followed by a drop below the zero line in September. The signal line went across the zero line in October, indicating a negative shift in momentum.
- Towards the end of October, the MACD line rose above the signal line. The momentum continued to improve in November as both the MACD and signal lines moved above the zero line, with the trend mostly ascending thereafter.
- By the end of March, the MACD line began to decline, converging closer to the signal line. As of the latest update, the MACD line was recorded at 371.75, the signal line at 367.83, and the histogram at 3.93. This suggested a reduction in bullish momentum.