January 6, 2024 10:16 AM | 2 min read
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Renowned crypto analyst CrediBULL Crypto has made bold predictions about Ethereum’s (CRYPTO: ETH) potential price surge in 2024.
In a post on X on Friday, the analyst said that Ethereum could hit five figures in the coming year, with a minimum price target of $10,000.
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This outlook implies a potential gain exceeding 343% from the current trading level.
High end? 20k. Minimum? 10k.$ETH https://t.co/x6rqMzfypd
— CrediBULL Crypto (@CredibleCrypto) January 5, 2024
At the time of writing, ETH was trading at $2,244.18, down by just 2 percent in the last seven days.
In a more bullish scenario, the crypto analyst envisions Ethereum reaching a maximum price of $20,000, suggesting an astonishing upside of around 786%.
Some LTF thoughts on $ETH.
Think that last liq wick marked our bottom but at least in the short term think we may see a small move down and a bit more ranging before we are ready fort the next leg up. pic.twitter.com/XY5uoOT9tV
— CrediBULL Crypto (@CredibleCrypto) January 5, 2024
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“Think that last [liquidation] wick marked our bottom but at least in the short term think we may see a small move down and a bit more ranging before we are ready for the next leg up,” CrediBULL Crypto said in the post.
Also Read: Analyst Predicts Ethereum Could Explode By Up To 1,556% In An AI-Powered Economy — Here’s How
The analyst’s optimism aligns with data from blockchain analytics platform Santiment, which reveals a significant accumulation of Ethereum by whale investors.
According to the Santiment, the top 150 self-custody wallets now collectively hold a record-breaking 56.25 million ETH, while exchange wallets hold a mere 9.46 million ETH, the lowest level since June 2018.
#Ethereum has continued working its way back toward its local top resistance level of $2,444 while #crypto prices rebound today. Notably, the largest $ETH non-exchange whales are accumulating at a rapid pace, while exchange whales stay low. https://t.co/ap43ZvhWmX pic.twitter.com/4tTVianx5r
— Santiment (@santimentfeed) January 4, 2024
These statistics indicate a rapid accumulation of Ethereum by the largest holders.
Both exchange and non-exchange wallets, owned by the top 150 Ethereum whales, now boast a total of 65.71 million ETH, marking an all-time high in whale holdings, Santiment reported.
Now Read: Ethereum’s Ascent Over Bitcoin? Here’s One Analyst’s Long-term Crypto Forecast
Photo: Shutterstock
Options 101: The Beginner’s Guide
Want to become an options master? In his free report, options expert Nic Chahine will give you access to the four bulletproof tips for beginners, the secret to scoring 411% gains with options, and his time-tested “plan” for success. Grab your free copy of Options 101: The Beginner’s Guide ASAP.
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