A recent post on X by Altcoin Daily caught our attention when they made a bold projection for Ethereum hitting $10,000 in the next bull run.
Ethereum price can EASILY hit 10k! 🛸 🌕
– deflationary
– high yields
– massive dev activity
– P/E ratio of 98 (better than Amazon)
– staking ratio keeps increasing
– no sell pressure from miners anymore
– 99% more energy efficient (than last cycle)
– thriving L2 scene
– EIP4844… pic.twitter.com/M5gDN15cg2— Altcoin Daily (@AltcoinDailyio) December 19, 2023
For context, ETH is currently trading around the $2,300 range – giving their ETH prediction a 350% gain in order to reach $10,000.
While our ETH prediction is not quite $10k, let’s identify some bullish trends for the second most popular crypto (behind Bitcoin).
ETH staking yields
No. 1 is the adoption of ETH staking – and the promising yields it can return investors.
For staking your Ether you could get anywhere between 4-6% depending on which exchange you’re using.
Note, that in order to receive those yields – users have to stake their ETH for an average of one year, or 365 days.
For our US base, this may or may not be enough to cover the costs of inflation, though it presents a much better alternative to any US checking accounts, which offer meager savings’ yields.
BlackRock spot ETH ETF
The crypto community and institutional investors alike are all excited for the BTC ETF, expected to be approved in Jan. 2024.
How does this affect ETH? Good question.
This shows institutional adoption at a mass scale for crypto. We note that typically institutions and large companies are slower to adopt trends.
$ETH/usdt weekly
It’s all programmed and you can cry all you want, but nothing will stop $ETH from getting back to its previous all time high.
You don’t fade BlackRock + #Ethereum … EVER pic.twitter.com/ZRARZnieNw
— Satoshi Flipper (@SatoshiFlipper) December 22, 2023
Once they do, we expect more retail investors to pile back into crypto.
The BTC spot ETF will give a view of ‘safety’ to crypto, whereas institutions have previously been cautious about anything blockchain related.
After the BTC spot ETF gets approved, BlackRock is likely to turn their attention to ETH, the second most-popular crypto.
While there has been a delay to any potential ETH spot ETFs until May of 2024, this could mark a sector rotation into ETH.
What do we mean by sector rotation?
Retail may be more willing to put up capital toward ETH than BTC due to lower buy-in costs.
Web3 Dev Activity Dominance
Many of the complaints directed toward the ETH bear case, is the high gas fees.
While this is the ‘elephant in the room’, so to speak, this can be overlooked by Web3 dev activity.
ETH → Conglomerate of bullish patterns. Waiting for growth ↑ by RLinda on TradingView.com
Ethereum dominated trends of protocol preferences in the U.S., with 18.8 billion (38.9%) of node requests.
Nearly a 40% market share of node requests is indicative to us that Web3 will be dominated by ETH, and its various projects/apps launched on the network.
It’s like the old saying ‘follow the money’, except in this case, we’re following the dev trends.
Will ETH hit $10,000 in 2024?
While there’s too much economic uncertainty to make such a bold claim, ETH seems like a very likely candidate to at least hit $3,500-$4,000 in 2024.
With the ETH bull catalysts mentioned above, it’s feasible to see it reaching $5,000, but our readers know how volatile crypto can be.
$10,000 for ETH seems feasible by 2025, but at this point there are too many unknowns to make such a bold proclamation.
Summary
In summary, we are bullish on ETH and will continue to provide our readers the latest ETH news and trends.
Consider subscribing to our paid Crypto newsletter to get the latest ETH updates and be alerted of any updates to our crypto projections.
While $10,000 seems like a long shot for ETH in 2024, we are excited about the future and will look to be accumulating more Ethereum over the next few years.
Disclaimer: this is not financial advice. At InvestingHaven we use models, chart analysis and fundamental analysis to make informed commentary on crypto, stock and precious metal trends.
