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Home Articles Ethereum Price Prediction: ETH Could Surge to $10k, Analyst Says

Ethereum Price Prediction: ETH Could Surge to $10k, Analyst Says

Crispus Nyaga
Crispus Nyaga
Crispus Nyaga
Author:
Crispus Nyaga
Writer
Crispus is a financial analyst with over 9 years in the industry. He covers cryptocurrencies, forex, equities, and commodities for some of the leading brands. He is also a passionate trader who operates his family account. Crispus lives in Nairobi with his wife and son.
November 6th, 2024
Editor:
Joseph Alalade
Joseph Alalade
Editor:
Joseph Alalade
News Lead and Editor
Joseph is a content writer and editor who has actively participated in crypto for over 6 years. He enjoys educating others about Web3 and covering its updates, regulatory developments, and exciting stories.

Ethereum price surged on Wednesday as investors reacted to Donald Trump’s election and the potential policy changes that are coming up. ETH surged to a high of $2,600, its highest point since Oct. 31. 

Analyst sees Ethereum price hitting $10k

In an X post, Evan Luthra, a popular crypto analyst with over 452k followers, noted that the coin could jump to $10,000 in the coming months. If this ETH prediction is accurate, it means that the coin will soar by 285% from the current level. 

Luthra also believes that Bitcoin will now soar to $100,000 that it has retested its all-time high. He also expects that Solana will roar to $1,000.

He is not alone as other analysts predict that the coin will continue soaring in the coming months. In a post, Crow, who has over 40k followers, said that he expects ETH price to mirror what Solana did last year when it went parabolic. 

For these analysts to be correct, it means that Ethereum will need to handle some of the existing issues. For one, there is a perception that Ethereum whales are selling the coin. Recently, the Ethereum Foundation and Vitalik Buterin have sold some of their coins. 

At the same time, Ethereum ETFs are not doing well as their cumulative outflows rose to over $500 million. In contrast, Bitcoin ETFs have seen inflows of over $23 billion in the past ten months. 

Ethereum is also losing market share to other chains like Sui, Base, and Solana. Last month, DEX networks in Solana handled the most crypto volume. It processed over $52 billion compared to Ethereum’s $42 billion.

Ethereum price forecast

Ethereum price

ETH price will also need to overcome some technical challenges for the bullish breakout to happen. For one, the coin remains below the 200-day Exponential Moving Average (EMA), meaning that bears are in control for now.

Also, Ethereum has formed a bearish pennant pattern whose triangle section is nearing its confluence level. Therefore, there is a risk that the ETH token will have a bearish breakout.

The negative view will become invalid if the coin rises above the 200-day moving average level at $2,756. If this happens, then it means that Ether will next eye the next psychological point at $3,000.

Contributors

Crispus Nyaga
Writer
Crispus is a financial analyst with over 9 years in the industry. He covers cryptocurrencies, forex, equities, and commodities for some of the leading brands. He is also a passionate trader who operates his family account. Crispus lives in Nairobi with his wife and son.