Ether (ETH), the native cryptocurrency of Ethereum, has managed to recover a significant portion of the losses incurred in the turbulent year of 2022 throughout 2023. Recent data from CoinGecko reveals that it nearly reached $2,400 just a few days ago. However, this valuation still remains below the record high of over $4,800 documented in November 2021.
Analysts are optimistic about the potential continuation of the recent upward trend into the upcoming year, anticipating a surge in ETH value in the coming months. According to insights from FieryTrading, the asset has maintained a bullish trajectory for the past 18 months, hinting at the possibility of further gains in the near future.
“As seen on the chart, ETH has been trading inside a bullish triangle pattern for over 1.5 years. In my eyes, a break out from this pattern might result in big gains for ETH since it will burst through an area full of short-trade stop-losses, which will be forced to buy back their positions.”
Ethereum’s Potential Surge To $5,000
A market analyst has projected that Ether could surge to the coveted $5,000 mark by either the end of 2024 or the beginning of 2025. JPMorgan’s Managing Director, Nikolaos Panigirtzoglou, weighed in on Ethereum’s future, emphasizing the significance of the upcoming “Protodanksharding” (EIP-4844) upgrade.
Panigirtzoglou suggested that this enhancement could propel the Ethereum ecosystem, leading to a potential surge in ETH’s price, reaching $8,000 by 2026. He also hinted at Ethereum outperforming Bitcoin in 2024.
Adding to the optimistic outlook, prominent Twitter user Michaël van de Poppe predicted a positive trajectory for ETH in the coming year. Van de Poppe anticipated a correction to around $1,900 but expressed confidence in the asset’s potential to rally to the range of $3,400-$3,800 by the first quarter of 2024.
However, not all market observers share such bullish sentiments towards Ethereum. Renowned trader Peter Brandt, for instance, emphasized the distinction between Ethereum and BTC as a store of value.
Brandt also expressed skepticism about Ethereum’s functionality and gas prices, going so far as to forecast that it might not even be listed as an asset in the next decade.