There’s a super bullish narrative playing out in Ethereum (ETH) for 2024, despite its heavy bag of criticisms this year. Prominent YouTube crypto analyst Lark Davis predicts it might heading toward a $10,000 rally, but it won’t be without hurdles along the way.
Ethereum Prices Now
As of 2:00 AM UTC on Wednesday, Ethereum went down by 1.73% to $2,231 on the 24-hour chart. This puts its market cap at $268.8 billion.
During this time, there was a 35% uptick in the trading volume of ETH as $10.63 billion worth of it moved between wallets and crypto exchanges. However, the number of transactions that happened within the digital asset’s economy only moved prices between a low of $2,180 to a high of $2,274.
Zooming out the charts to the weekly and monthly frame shows ETH has gained 1% and 8% in its valuation. Meanwhile, it’s significantly up on the monthly graphs as it exhibited 82% accumulation.
Ether is still 54% down from its all-time high of $4,891 on November 16, 2021, before losing most of its value in the last crypto winter.
Super Bullish Forecast from Lark Davis
Ethereum normally displayed major price increases during the crypto Santa Claus Rally events, but we are yet to see major actions from it until the advent of 2024. But then again, YouTube crypto personality Lark Davis foresees major price actions for the coin that could bring it to the price of Bitcoin (BTC) a month before it mooned in 2021.
The analyst said there’s a high potential for ETH to capture the $10,000 to $15,000 range by next year with a caveat that the road there will certainly be bumpy. Davis believes that the catalysts for the 600% pump of Ether lie in its Layer 2 solutions or the networks built on top of its chain. He claims the more scalable and efficient L2 solutions brought about by the likes of StarkNet and ZK Sync will help propel its blockchain.
It’s not clear whether or not Davis’ discussion already factored in the anticipated approval of the spot Ethereum ETF currently filed by financial institutions within the US Securities and Exchange Commission (SEC). Without any mention of them, it’s safe to assume that he hasn’t included them in his assessment yet.
Outside of Davis’ projections, the conservative estimate of the consensus places ETH around $2,500 on the way to the New Year.