Ethereum (ETH), the world’s second-biggest cryptocurrency in terms of market cap started 2024 on the front foot. ETH is up for three consecutive days and is currently hovering around the $2,376 mark. The leading altcoin is gearing up for a breakout and another leg-up could take it to the $2,500 level.
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While 2024 started positively for Bitcoin and the larger cryptocurrency market, will the momentum hold strong throughout the year? In this article, we will highlight how high Ethereum could trade in the indices this year in 2024.
Ethereum: How High Could ETH Trade In 2024?
Leading on-chain metrics and price prediction firm Changelly has painted a rosy picture for Ethereum in 2024. The forecast estimates that ETH might sustainably scale up in the indices in the next 12 months.
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According to the price prediction, ETH could reach a new yearly high of $3,988 in 2024. That’s an uptick and return on investment of about 65% from its current price of $2,376. Therefore, an investment of $10,000 today could turn into $16,500 if the prediction becomes accurate.
The positive prediction has taken into consideration the upcoming Bitcoin ETH, which could soon be approved by the SEC. However, if the Bitcoin ETF fails to make a debut, then the prices of BTC and ETH could head south.
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Most importantly, the cryptocurrency markets are subjected to extreme volatility and cuts both ways delivering losses to investors. There is no guarantee that ETH could rise 65% and reach $3,988 this year in 2024. It is advised to do thorough research before taking an entry position into ETH at the moment.
At press time, Ethereum was trading at $2,376 and is up close to 0.5% in the 24-hours day trade. ETH is down nearly 51% from its all-time high of $4,878, which it reached in November 2021.