Can Ethereum hit $10,000 in 2024?

Amid a bullish momentum in the cryptocurrency sector, which has pushed its representative asset, Bitcoin (BTC), over the $50,000 price threshold, things have been going great for the largest altcoin by market capitalization – Ethereum (ETH) – and investors are wondering if five figures could be in store this year.

As it happens, the recent market optimism has pushed Ethereum closer to the psychologically important price level of $3,000, and breaking through this barrier could give it enough strength to continue further, possibly making a new all-time high (ATH) and perhaps even ending up in the $10,000 range.

Bullish factors for Ethereum

That said, such a significant price increase would not be possible without other important factors falling into place, including the upcoming launch of Proto-Danksharding, as observed by Simon Dedic, the CEO of blockchain advisory and investment firm Moonrock Capital, on February 20.

Specifically, proto-danksharding, a.k.a proposal EIP-4844, which should launch in mid-March 2024, refers to a new type of transaction on Ethereum that accepts ‘blobs’ of data to persist in the beacon node for a short period of time, with blobs “small enough to keep disk use manageable,” according to the team.

All things considered, Ethereum is in a great position to significantly increase its price in 2024 and perhaps even reach a new ATH. However, $10,000 might be overly optimistic for this year, and even an ETH bull like Dedic gives it a two-year window for five figures to enter the narrative.

Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.

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