Crypto YouTuber Lark Davis has been making headlines, predicting a significant upswing for Ethereum in 2024. Davis notes that while Ethereum has been underperforming compared to its peers this year, it’s poised for a big move.
Davis also forecasts a potential rise in Ethereum’s value to around $15,000 per coin during the 2024-2025 bull cycle, assuming gains similar to or slightly less than the previous cycle.
His prediction is based on a hypothetical 200% increase from Ethereum’s previous high of about $4,880 in November 2021. For current buyers, this could mean a 500-600% gain, which Davis considers a relatively low-risk bet in the crypto world. He emphasizes Ethereum’s strong fundamentals despite recent disinterest from the crypto community.
So, is he right to think so?
After reaching its all-time high of $4,820, the price of ETH fell by 81%, measured to its lowest point of $880 in this bear cycle made on June 18, 2022. It started a recovery and was mostly trending upward in 2023, resulting in a high of $2,400 on December 9.
Ethereum didn’t go any lower, contrary to the general market trend, as we saw lower prices for most of the cryptos in November and December of 2022 before they started their significant recoveries.
ETH has performed worse than the general market since the start of 2023, but measuring from the June 18 low, it still outperformed many of its altcoin competitors, recovering 171%.
It formed an ascending triangle, which could be a leading diagonal as the first sub-wave of the larger five-wave impulse in the starting bull market. We are waiting for its wave 2 – the first bull market correction that can push the price back to the $1,600 area.
That would be similar to the horizontal structure seen in the last pre-bull market consolidation from December 2018 until December 2019 and mark the end of the accumulation period.
After it ends, we look at the start of a stronger move for its wave 3, which will bring the price to its new all-time high of around $5,000. From the strength and the price this move reaches, we could evaluate the possibility of ETH going to $15,000 at its peak in the next bull run.
However, in conclusion, this price target isn’t unrealistic and is only a 200% increase since its previous all-time high, making it highly possible.
Please note that the contents of this article are not financial or investing advice. The information provided in this article is the author’s opinion only and should not be considered as offering trading or investing recommendations. We do not make any warranties about the completeness, reliability and accuracy of this information. The cryptocurrency market suffers from high volatility and occasional arbitrary movements. Any investor, trader, or regular crypto users should research multiple viewpoints and be familiar with all local regulations before committing to an investment.