Analysts predict ethereum price may reach $10,000 by 2024

Ethereum's native token Ether (ETH) could rise to $10,000 in the coming months based on a number of bullish fundamental and fractal indicators, according to Cointelegraph.

Julien Bittel, head of macro research at Global Macro Investor, noted that ETH's current price action is similar to the price fractal from January 2023 to March 2024, when ETH prices consolidated between $1,500 and $2,000 before breaking out to $3,500.

Another key factor is the fractal analysis of the long-term Fibonacci retracement chart, Exponential Moving Average (EMA) and Relative Strength Index (RSI). If ETH follows a similar trajectory, it could reach $6,978 and $10,623 after rebounding from its 2022 low of $1,080.

The third reason is the growth of the global M2 money supply. Historical data shows that the price of Bitcoin is closely correlated with changes in the M2 money supply. As global liquidity expands, Bitcoin and Ethereum could rise in tandem, making $10,000 a realistic target.