Ethereum Price Prediction as JPMorgan Says ETH Will Outperform BTC in 2024 – Can ETH Reach $100,000?
The Ethereum price has surged by 5.5% today, with the coin moving to $2,298 in the context of a market that has gained by the same percentage in the past 24 hours.
ETH’s performance today also comes as JPMorgan analysts predict that the altcoin could outperform Bitcoin (BTC) next year, helped along by the incoming EIP-4844 upgrade that will enable Protodanksharding and its scaling upgrades for layer-two networks.
ETH is also up by 13% in the last 30 days, with the altcoin sitting on a 73% rise in the past year.
And with most analysts predicting a fully fledged bull market in 2024, today’s gains may be only the tip of a very large iceberg.
Now looks like a very good time to reenter the ETH market, given that the coin’s indicators point towards incoming gains.
Not only is its 30-day average (yellow) rising well beyond its 200-day (blue), but the coin’s RSI (purple) has just past the 60 level, signalling rising buying pressure.
As such, ETH not only has growing momentum, but also has space for further gains in the coming weeks, before it enters overbought territory.
It’s also worth pointing out that the alt’s support level (green) has risen consistently in the past couple of months, resisting all but the most minor of losses.
This sits well with ETH’s trading volume, which at $19 billion makes it the most heavily traded non-stablecoin cryptocurrency save for Bitcoin (BTC).
And as noted above, some analysts suspect that ETH could post bigger percentage gains in 2024 than even BTC, with JPMorgan’s Nikolaos Panigirtzoglou writing in a note to investors yesterday that the arrival of Protodanksharding could be a big factor in improving the strength of ETH’s fundamentals.
JP Morgan: Ether has the potential to outperform Bitcoin and other
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