Could the Price Ethereum Up in 2024? This is what traders need to know!
2024-07-04
Bittime - Ethereum (ETH) as the second largest crypto asset by market capitalization, is one of the main players that continues to attract the attention of investors and traders. However, what will the price of Ethereum be like in 2024? Will it rise? Follow this article to find out the possibilities!
With various development plans underway, but amidst a fluctuating market situation, speculation has emerged about the potential for an increase in the price of ETH in 2024. This article will discuss the key factors that could influence the price of Ethereum in 2024 and what players should pay attention to. traders.
Ethereum Price Today
According to Bittime data, Ethereum price is facing challenges. In the last 24 hours, the price fell 5.13% to IDR 52.6 million (US$3,226).
In fact, in the last month, the price of ETH was recorded to have fallen by around 15.4%. Even so, with a market capitalization of IDR 6,246 trillion (US$383.6 billion) and a daily trading volume of IDR 273.7 trillion (US$16.7 billion), ETH remains a player to be reckoned with in the crypto world.
Even though it reached a record high of IDR 79,240.00 (US$4,891.70) on November 16 2021, the price of ETH is currently down 31.32%.
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Factors Driving Ethereum Price in 2024
Ethereum Network Improvement and Development
2024 will be an important year for Ethereum with a number of network upgrades on the horizon. One of the ongoing projects is “Sharding” which aims to significantly increase network scalability.
Sharding allows Ethereum to process more transactions simultaneously, thereby reducing congestion and transaction fees (gas fees).
These expected technological improvements have the potential to attract more developers and users to the platform, which could ultimately increase demand for ETH.
Adoption by Institutions
Institutional interest in Ethereum is increasing. Many large financial institutions are starting to incorporate Ethereum into their activities, either through direct investment, using DeFi applications, or creating Ethereum-based products.
In 2024, the anticipated presence of an Ethereum-based Exchange Traded Fund (ETF) has the potential to open the door to large flows of institutional funds. This development is expected to increase investor confidence and interest in ETH.
Decentralized Finance (DeFi) Expansion
Ethereum is one of the key players behind the growth of the DeFi ecosystem. More and more assets are being integrated into the Ethereum network. Decentralized Exchange (DEX), lending platforms, and yield farming are some of the DeFi innovations that continue to grow rapidly.
As the ecosystem expands, demand and utility of ETH will likely increase, thereby positively impacting its price.
Non-Fungible Token (NFT) dan Metaverse
Ethereum is also making great progress in the metaverse and NFT areas. The popularity of virtual property, digital collectibles and digital art is driving demand for ETH, especially since most NFTs are created on the Ethereum blockchain.
Most NFTs are minted on the Ethereum blockchain. With the development of the metaverse concept, Ethereum's role in supporting this virtual world can increase adoption and lead to an increase in the price of ETH.
Crypto Regulation
The regulatory environment for crypto still has both positive and negative aspects. While clear regulations can support growth, policies that are too strict can stifle innovation and discourage investment.
Traders need to monitor regulatory changes around the world, as they can affect the price of Ethereum. Approval of favorable ETFs or supportive blockchain policies may trigger price increases due to positive sentiment from regulations.
Ethereum Technical Analysis and Market Sentiment
Ethereum (ETH) technical analysis shows a complex situation. Indicators like EMA, MACD, RSI and Fibonacci levels give mixed signals. The EMA is currently showing a "sell" signal, indicating a downward trend, with potential support at the level of IDR 49.8 million (US$3,090).
MACD at -47.4 indicates strong selling momentum, while RSI at 41.2 is in the neutral zone but approaching the oversold area. Fibonacci levels show support at IDR 52.7 million (US$3,266) and resistance at IDR 60.6 million (US$3,767), providing an idea of potential future price movements.
A price drop below IDR 52.7 million (US$3,266.8) could lead to further declines, while breaking the IDR 60.6 million (US$3,767) level could indicate bullish momentum.
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What Should Traders Pay Attention to About Ethereum Price Today?
Stay Informed
It is important to stay up to date with the latest developments regarding Ethereum's technical improvements and implementation timelines. Successful implementation of this development could signal a significant uptrend.
Monitor Institutional Movements
Pay attention to the latest news from major financial institutions regarding their participation in Ethereum. Higher adoption by institutions could result in significant price increases.
Follow the DeFi and NFT Trends
The growth of DeFi and NFTs in the Ethereum ecosystem shows the high demand and utility of ETH. Monitoring this industry can provide insight into potential price fluctuations.
Regulatory Development
Stay up to date with developments in crypto regulations around the world. Positive regulatory news can generate an optimistic market outlook, while unfavorable news can trigger the opposite reaction.
Technical Analysis
Use technical indicators to gain insight into market trends and potential entry and exit points. This can help traders in making the right trading decisions.
Conclusion
Ethereum is at an important crossroads in 2024. This is driven by technological advances, institutional attention, and the evolution of the DeFi and NFT sectors.
Although the bearish trend currently dominates, the long-term outlook looks optimistic with the upcoming upgrade and potential ETF approval. Traders must remain alert to market and regulatory shifts.
This is useful for capitalizing on Ethereum's anticipated growth in 2024 through informed decision making and technical analysis.
Cara Beli Ethereum (ETH) di Bittime
You can buy and sell Ethereum (ETH) in an easy and safe way through Bittime. Bittime is one of the best crypto applications in Indonesia which is officially registered with Bappebti.
Ethereum (ETH) available on Bittime with market pair ETH/IDR. To be able to buy ETH IDR Of Bittime Make sure you have registered and completed identity verification. Apart from that, also make sure that you have sufficient balance by depositing some funds into your wallet. For your information, the minimum purchase of assets on Bittime is IDR 10,000. After that, you can purchase crypto assets in the application.
Study A complete guide on how to buy Ethereum (ETH) on Bittime.
Monitor graphic movement harga Ethereum (ETH), Bitcoin (BTC), Solana (SOL) and other cryptos to find out today's crypto market trends in real-time on Bittime.
Disclaimer: The views expressed belong exclusively to the author and do not reflect the views of this platform. This platform and its affiliates disclaim any responsibility for the accuracy or suitability of the information provided. It is for informational purposes only and not intended as financial or investment advice.
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