Ethereum's Meteoric Rise: Analyst Sees Potential 786% Gain To $20,000 In 2024

Renowned crypto analyst CrediBULL Crypto has made bold predictions about Ethereum's (CRYPTO: ETH) potential price surge in 2024.

In a post on X on Friday, the analyst said that Ethereum could hit five figures in the coming year, with a minimum price target of $10,000.

This outlook implies a potential gain exceeding 343% from the current trading level.

High end? 20k. Minimum? 10k.$ETH https://t.co/x6rqMzfypd

— CrediBULL Crypto (@CredibleCrypto) January 5, 2024

At the time of writing, ETH was trading at $2,244.18, down by just 2 percent in the last seven days.  

In a more bullish scenario, the crypto analyst envisions Ethereum reaching a maximum price of $20,000, suggesting an astonishing upside of around 786%.

Some LTF thoughts on $ETH.

Think that last liq wick marked our bottom but at least in the short term think we may see a small move down and a bit more ranging before we are ready fort the next leg up. pic.twitter.com/XY5uoOT9tV

— CrediBULL Crypto (@CredibleCrypto) January 5, 2024

“Think that last [liquidation] wick marked our bottom but at least in the short term think we may see a small move down and a bit more ranging before we are ready for the next leg up,” CrediBULL Crypto said in the post. 

Also Read: Analyst Predicts Ethereum Could Explode By Up To 1,556% In An AI-Powered Economy — Here's How

The analyst's optimism aligns with data from blockchain analytics platform Santiment, which reveals a significant accumulation of Ethereum by whale investors.

According to the Santiment, the top 150 self-custody wallets now collectively hold a record-breaking 56.25 million ETH, while exchange wallets hold a mere 9.46 million ETH, the lowest level since June 2018.

#Ethereum has continued working its way back toward its local top resistance level of $2,444 while #crypto prices rebound today. Notably, the largest $ETH non-exchange whales are accumulating at a rapid pace, while exchange whales stay low. https://t.co/ap43ZvhWmX pic.twitter.com/4tTVianx5r

— Santiment (@santimentfeed) January 4, 2024

These statistics indicate a rapid accumulation of Ethereum by the largest holders.

Both exchange and non-exchange wallets, owned by the top 150 Ethereum whales, now boast a total of 65.71 million ETH, marking an all-time high in whale holdings, Santiment reported. 

Now Read: Ethereum's Ascent Over Bitcoin? Here's One Analyst's Long-term Crypto Forecast

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