- Renowned crypto analyst Jelle has predicted that Ethereum (ETH) could reach $5,000 by year-end due to significant technical indicators.
- His forecast has garnered attention as Ethereum stabilizes above $3,500, recovering from a recent dip in price.
- “ETH’s support at $3,500 is a strong sign. New all-time highs are quite possible, with $5,000 in sight for this year,” Jelle asserted.
Ethereum’s path to $5,000: Key technical indicators and market support.
Ethereum Rally: Setting the Stage For New Peaks
Jelle’s forecast follows Ethereum’s stabilization above the $3,500 mark after a recent correction from over $4,000 in March. The market is closely monitoring this, given the anticipated launch of spot Ethereum Exchange-Traded Funds (ETFs) that could fuel further growth.
Technical Analysis and Market Support
According to Jelle, Ethereum has rebounded impressively, dipping to as low as $3,384 but quickly stabilizing around $3,500. Despite a slight 2.2% decrease in the past 24 hours and nearly 5% over the past week, Jelle believes Ethereum is positioned for a significant upward trend.
The resurgence to $3,500 as a support level is critical. Very few foresee this turnaround leading to new all-time highs, yet $5,000 is a realistic target for 2024. Market optimism is further buoyed by Ethereum’s resilience amidst market fluctuations, which could potentially break previous high barriers.
Market Sentiments and Upcoming Catalysts
The crypto community, particularly Ethereum investors, are excited about the potential approval of spot ETFs. This is reflected in the predominantly bullish sentiment, with a low put-call ratio of 0.36, indicating a strong belief in Ethereum’s price increase. Institutional investors bolstering their holdings also highlight this confidence.
On June 12, large entities invested significantly, purchasing 298,000 ETH, nearly matching the record purchase of 317,000 ETH made on September 11, 2023. These actions signal robust faith in Ethereum’s long-term prospects and hint at a market ripe for a substantial rally.
Conclusion
Ethereum’s journey to potentially hit $5,000 by year-end is underpinned by technical indicators and strong market support. The expected introduction of spot ETFs could further amplify this upward momentum, making Ethereum a focal point for investors. As the market awaits these developments, Ethereum stands resilient and primed for new heights.
