A widely followed cryptocurrency analyst and trader believes Ethereum (ETH) could hit a five-figure price this year.
The analyst pseudonymously known as Credible Crypto tells his 363,700 followers on the social media platform X that his minimum price target for Ethereum in 2024 is $10,000 – a gain of over 343% from the current level.
Credible Crypto goes on to say that his maximum price target for Ethereum in 2024 is $20,000 – an upside of around 786% from its current value.
Looking at the price action of Ethereum in the low time frame, Credible Crypto says that while Ethereum has printed a local bottom earlier this week at around $2,100, the leading altcoin could still witness one more corrective move toward $2,160 before challenging its resistance at $2,400.
“Think that last liquidation wick marked our bottom but at least in the short term think we may see a small move down and a bit more ranging before we are ready for the next leg up.”
Credible Crypto’s bullish take on ETH comes as the blockchain analytics platform Santiment says that Ethereum whales are rapidly accumulating the second-largest digital asset by market cap.
According to Santiment, the top 150 self-custody wallets now hold 56.25 million ETH, the highest level ever recorded. Meanwhile, exchange wallets hold 9.46 million ETH, the lowest level since June of 2018.
In the case of both exchange and non-exchange wallets, Santiment says that the top 150 whales now own 65.71 million ETH – a new all-time high.
Ethereum is trading at $2,255 at time of writing.
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