A widely followed cryptocurrency analyst and trader believes Ethereum (ETH) could reach a five-figure price this year.
The analyst, pseudonymously known as Credible Crypto tells his 363,700 followers on social media platform
Credible Crypto further says that its maximum price target for Ethereum in 2024 is $20,000 – an increase of approximately 786% from its current value.
Looking at Ethereum’s price action in the short timeframe, Credible Crypto says that while Ethereum has pushed a local bottom around $2,100 earlier this week, the leading altcoin could still witness another corrective move towards $2,160 before hitting its resistance at $2,400 challenges.
“Think the latest liquidation fuse has marked our bottom, but at least in the short term, think we’ll see a little move down and a little more range before we’re ready for the next move up.”
Crypto’s bullish view on ETH comes as blockchain analytics platform Santiment says Ethereum whales are quickly amassing the second-largest digital asset by market cap.
According to Santiment, the top 150 self-custodial wallets now hold 56.25 million ETH, the highest level ever recorded. Meanwhile, exchange portfolios held 9.46 million ETH, the lowest level since June 2018.
In the case of both exchange and non-exchange wallets, Santiment says the top 150 whales now own 65.71 million ETH – a new all-time high.
Ethereum is trading at $2,255 at the time of writing.
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