Ethereum (ETH) briefly reclaimed the $3000 mark, rallying 3% in the daily charts and 1.8% in the 14-day charts. However, ETH’s price could not hold the $3000 level, falling to around $2998. The $3000 level seems to be the immediate resistance level for the second-largest cryptocurrency by market cap. ETH is also down by 2.6% over the previous month.
Also Read: Ethereum Struggles to Hold $3,000 Support: How Will ETH Perform in May?
The recent rally could be due to cooler inflation figures than expected. Inflation in the US increased by 0.3% in March, compared to expert expectations of 0.4%. Investor sentiment may have taken a turn for the better. Nonetheless, the Federal Reserve may continue to follow its policy of higher interest rates for longer until inflation falls to its 2% target.
Will Ethereum (ETH) hit a new high in 2024?
ETH hit an all-time high of $4878 in November 2021. However, the asset’s price has fallen by 38.5% since its 2021 peak.
According to Changelly, Ethereum (ETH) could hit a maximum price of $4,773.52 in 2024. Reaching 4,773.52 from current levels would translate to a growth of about 59.2%. Nonetheless, the figure still falls short of ETH’s all-time high. However, if ETH manages to go beyond $4,500, it may surge beyond its previous peak.
Also Read: Ethereum in Correction Phase: How Will ETH Conclude May?
Telegaon presents a more bullish take on ETH’s price this year. The platform anticipates ETH to hit a maximum price of $5,854.04, which would be a new all-time high. Hitting $5,854.04 from current levels would translate to a growth of about 95%.
Furthermore, there is also a possibility that the US SEC (Securities and Exchange Commission) will approve a spot ETH ETF (Exchange Traded Fund) later this year. If a spot ETH ETF is approved by the SEC, we may witness a sudden surge in ETH’s adoption and its price.