In 2023, Ethereum (ETH) has made notable progress, but has not shined as brightly as other altcoins such as Solana (SOL) and Avalanche (AVAX). ETH is up about 90%, while SOL is up almost 1000% and AVAX is up over 200%.
There is growing speculation that 2024 could be a pivotal year for Ethereum, pushing its boundaries even further.
Ethereum price analysis
Credible Crypto, a respected figure in cryptocurrency analysis and trading, recently shared its ambitious predictions for Ethereum in 2024. He conveyed his belief that ETH can reach at least $10,000 this year through digital platform X. This projection implies a significant 343% increase over its current value.
He also proposed a maximum target of $20,000 for ETH in 2024, which represents a potential growth of 786%. Investigating recent trends, Credible Crypto noted that the price of ETH is near $2,100. He expects it could rise to $2,160 before breaking the $2,400 resistance level. This positive view is consistent with data from blockchain analytics firm Santiment. 
Holy Onchain 
This means that major holders’ Ethereum accumulation has increased.
What are Ethereum whales doing?
The top 150 self-custodial wallets currently hold a record 56.25 million ETH, according to data from Santiment. On the other hand, exchange wallet holdings are 9.46 million ETH, the lowest since June 2018. Together, these top 150 holders hold a total of 65.71 million ETH, marking a new high in holdings. As of the latest update, Ethereum is worth $2,255.
Also Read: Ethereum Price Prediction 2024: Can Vitalik Buterin’s Roadmap Lead ETH to $5000?
Factors Affecting Ethereum’s Potential Growth
The likelihood of Ethereum rising to $10,000 in 2024 is based on several factors. First, a positive market reaction is expected if the SEC approves a spot Bitcoin ETF and Bitcoin undergoes a halving event. These developments could trigger market momentum similar to that observed in 2021. If Bitcoin achieves new peaks, Ethereum is likely to follow a similar path.
Additionally, the potential approval of an ETH ETF, with interest from major companies such as BlackRock and the SEC’s recognition of Ethereum’s commodity status, could promote a more favorable environment for Ethereum, potentially aiding its upward trajectory.