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Ethereum Price Prediction 2024: ETH Price Analysis

Last Updated 2 hours ago
Valdrin Tahiri
Last Updated 2 hours ago
By Valdrin Tahiri
Verified by Peter Henn

Key Takeaways

  • Ethereum’s Ether (ETH) is the second biggest crypto in the world, with a market cap of more than $3 billion.
  • In 2024, the price of ETH traded above for the first time since December 2021 but did not reach a new all-time high.
  • Our Ethereum price predictions suggest that the price of ETH will reach a new all-time high in 2024 or 2025.

The US Securities and Exchange Commission (SEC) approved a rule change on May 23, 2024 that paves the way for Exchange Traded Funds (ETFs) that buy and hold Ethereum, one of the world’s largest cryptocurrencies.

This decision comes less than six months after the SEC approved Bitcoin ETFs. Those funds have been a significant success for the industry, with net inflows already surpassing $12 billion.

The Ethereum ETFs went live on July 23, when the price of Ethereum stood at about $3,450. The ETH ETF did over $1 billion in volume , led by ETHE, the Grayscale Ethereum Trust. There are a total of nine Ethereum ETF issuers. Their volume is 23% of that of the Bitcoin ETF on its first day.

On July 24 2024, ETH was worth about $3,488.

Grayscale also launched a “mini fund”, which carries a 0% fee for the first six months, after which it will increase to 0.15%. This will still be the lowest of any issuer, most of which have a 0.25% fee. In contrast, ETHE has a 2.5% fee.

Ethereum did not respond to a request for comment

Let’s now take a look at our price predictions for ETH, made on July 24, 2024. We will also examine the ETH price history, and talk a little about what ETH is and what it does.

Ethereum Price Prediction

Here are the Ethereum price predictions from CCN on July 24, 2024. It is important to remember that price forecasts, especially for something as potentially volatile as crypto, are often wrong.

Minimum Ethereum Price Prediction Average Ethereum Price Prediction Maximum Ethereum Price Prediction
2024 $2,850 $4,325 $5,900
2025 $2,600 $4,700 $6,800
2030 $21,600 $27,000 $32,400

There are two methods used to create our ETH crypto price predictions. Predictions are created using fractals (mirroring movements and indicator readings) and the wave count.

The mean of the two predictions gives the average Ethereum crypto price prediction, the more bullish one is used for the maximum price prediction while the more bearish one is for the minimum.

Fractal Method

Ethereum’s monthly RSI fell below 50 (green circle) for the first time in history in December 2018. Then, the ETH price created a slightly lower low in March 2020 before breaking out from a long-term descending resistance trend line. This catalyzed a rapid upward movement that led to an all-time high of $4,867 in November 2021.

The monthly RSI fell below 50 again (red circle) in July 2022. After that, the price broke out from a descending resistance trend line in October and has increased since.

The movement between 2018 and 2021 lasted 1,066 days and had a magnitude of 3,200%. However, this was an over fivefold decline from the previous increase of 16,250%. If the law of diminishing returns holds true in 2024, the Ethereum price will increase by only 630%, culminating with a new all-time high price of $6,500.

Ethereum Price Prediciton Fractal
ETH/USD Monthly Chart | Credit: Valdrin Tahiri/TradingView

Projecting a similarly shaped increase and correction leads to our Ethereum price prediction of $5,900 and $2,600 for the end of 2024 and 2025, respectively.

Wave Count Method

The most likely wave count implies that Ethereum started a five-wave upward movement (yellow) in June 2022. If so, the price is currently in an extended wave three, likely to end between $4,900 and $5,100. The all-time high creates the first target while the 3.61 extension of wave one gives the second. The sub-wave count is in white.

Then, the target for the top of the entire upward movement is at $7,300. The 1.61 external Fibonacci retracement of the recent upward movement creates this target. The Fibonacci time tool predicts it will be reached in December 2025.

The wave count method gives ETH price predictions of $2,850 and $6,800 for the end of 2024 and 2025, respectively.

Ethereum Fractal Price Prediction
ETH/USDT Monthly Chart | Credit: Valdrin Tahiri/TradingView

Finally, we use the daily rate of increase to make an Ethereum price prediction for the end of 2030. In the past six years, the Ethereum price has increased by 720% for a daily rate of increase of 0.32%. Projecting this increase until the end of 2030 gives an Ethereum price prediction of $27,000.

Adding and removing 20% from this target gives our minimum and maximum Ethereum price predictions.

Ethereum Price Prediction 2024

Our fractal and wave count methods give different Ethereum price predictions for the end of 2024. More specifically, the wave count leads to a price of $2,850 while the fractal to one of $5,900. The reason for the vastly different Ethereum price prediction for 2025 is that the fractal method predicts an immediate decrease, while the wave count indicates Ethereum will consolidate before moving upward.

Ethereum Price Prediction 2025 

Our fractal and wave count methods give different Ethereum price predictions for the end of 2025. More specifically, the wave count gives a target of $6,800 while the fractal one of $2,600. There is a difference in the Ethereum price prediction for 2025 because the fractal suggests the market cycle high will happen in March while the wave count predicts a December high.

Ethereum Price Prediction 2030

Using the daily rate of increase we arrive at an Ethereum price prediction range of $21,600 to $31,400 for the end of 2030.

Ethereum Price Analysis

The three-day Ethereum price chart gives a bullish outlook. Ethereum has increased since bouncing at the symmetrical triangle’s support trend line at the beginning of July. The bounce also validated the $2,900 horizontal support area.

Since then, it has gradually increased and briefly broke the $3,500 level. The wave count suggests the price of Ethereum is in an A-B-C-D-E corrective structure (black). If so, it will reach the triangle’s resistance, completing wave D.

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Technical indicators also align with this outlook. The RSI has moved above 50 (green icon) and the MACD has made a bullish cross while increasing above 0, both signs of a bullish trend.

Short-Term Ethereum Price Prediction

The Ethereum price prediction for the next 24 hours rests on the assumption that ETH will increase toward the triangle’s resistance trend line. However, the short-term outlook shows consolidation inside an ascending parallel channel.

Short-Term ETH
ETH/USDT 2-Hour Chart | Credit: Valdrin Tahiri/TradingView

So, the Ethereum price prediction for July 24 may be bearish. ETH could trade near the channel’s support trend line at $3,420. Then, ETH can reach the resistance at $3,800 by the end of the month.

Ethereum Average True Range (ATR): ETH Volatility

The Average True Range (ATR) measures market volatility by averaging the largest of three values: the current high minus the current low, the absolute value of the current high minus the previous close, and the absolute value of the current low minus the previous close over a period, typically 14 days. A rising ATR indicates increasing volatility, while a falling ATR indicates decreasing volatility.

Ethereum Weekly ATR
Ethereum ATR | Credit: TradingView

On July 24, 2024, the weekly ATR for ETH was 383, a sign of average volatility. The ATR has fallen since January 2022 but started an upward movement in October 2023. Divided by the $3,500 ETH price, the ATR is 0.08.

ETH Relative Strength Index (RSI): Is ETH Oversold or Undersold?

The Relative Strength Index (RSI) is a momentum indicator traders use to determine whether an asset is overbought or oversold. Movements above 70 and below 30 show over and undervaluation, respectively. Movements above and below the 50 line also indicate if the trend is bullish or bearish.

Ethereum Weekly RSI
Ethereum Weekly RSI

On July 24, 2024, Ethereum’s weekly RSI was at 56, a sign of a bullish trend, aligning with the bullish price predictions. The RSI recently bounced above 50.

ETH Market Cap to TVL Ratio

The Market Cap to Total Value Locked (TVL) ratio  measures the valuation of a decentralized finance (DeFi) project by comparing its market capitalization to the total value of assets locked in its smart contracts. This ratio shows the project’s utilization and links the platform’s health to the value of locked assets.

A ratio above 1.0 indicates overvaluation because the market cap exceeds the value of assets used in the platform. A ratio below 1.0 indicates undervaluation because the market cap is lower than the value of locked assets.

Ethereum Total Value Locked
Market Cap to TVL | Credit: DeFiLlama

On July 24, 2024, the Ethereum TVL ratio was 2.8, indicating overvaluation.

Best Days and Months to Buy Ethereum

We took a look at the ETH price history and found the times when the price was at its lowest across certain days, months, quarters, and even weeks in the year, indicating the best times to buy Ethereum.

Time to Buy ETH Days, Weeks, Months and Quarters
Best Day Wednesday
Best Week 33
Best Month January
Best Quarter First

ETH Price Performance Comparison

Ethereum is a blockchain that deals with smart contracts, so let’s compare its performance with other similar projects.

Current Price One Year Ago Price Change
Ethereum $3,488 $1,887 85.2%
Solana $183.26 $24.77 621.8%
Cardano $0.431 $0.305 38.5%
Avalanche $32.20 $13.55 134.8%

Advantages and Disadvantages of Ethereum

CCN.com‘s Senior Research Analyst, Toghrul Aliyev, took a deep dive into Ethereum and found the following advantages and disadvantages.

Advantages of Ethereum

Development

  • Ethereum ranks number one across multiple key development metrics: 112,535 repositories, 1,540 sub-ecosystems, 43,475 weekly commits, and 2,913 weekly active developers. These numbers demonstrate Ethereum’s extensive range of applications and projects. The active development  results in fewer bugs, faster issue resolution, and the ability to swiftly meet user demands and stay ahead of competitors.

Centralization and Decentralization

  •  The 2016 The DAO hack led to the theft of 3.6 million ETH. In response, Ethereum implemented a hard fork to restore the stolen funds. Critics argue this decision contradicted Ethereum’s decentralized ethos. However, the hard fork demonstrated true decentralization because it occurred only after achieving majority consensus through extensive community discussions and voting. With 14% of the total supply at risk and the ecosystem’s future in jeopardy, the move was not a bailout. In contrast, no hard fork was implemented when the Parity multi-signature wallet was exploited in 2017. Other critics compare The DAO hack to the Mt. Gox collapse, but this comparison misses key differences. When MtGox’s losses were revealed, the funds had already been widely dispersed, making a simple revert impossible. In the case of The DAO, the funds were locked for several weeks after the transfer, allowing for a different response.

 

Pool Hash Market Share (%) Hash In Favor Hash Against
Dwarfpool 30.50% 85.30% 14.70%
F2pool 17.70%
BW Pool 15.10%
Ethermine 11.40% 74.30% 25.70%
Ethpool 8% 41.40% 58.60%
Coinotron 5.60% 85% 15%
Nanopool 5.10% 94.60% 5.40%
BitClub Pool 2.20%
CoinMine 1.60%
MiningPoolHub 1.30% 100% 0%
Alpereum 0.40% 100% 0%
Epool 0.04% 0% 100%

 

  •  The distribution  of 33% of the Ether supply across 390 wallets, excluding the Beacon deposit address, and 50% among 3,557 wallets prevents excessive centralization. It promotes a more balanced and resilient network by ensuring that no single entity or small group can easily manipulate the market or protocol.

Market Position

  • The approval of ETH ETFs makes Ethereum accessible to institutional investors like pension funds, mutual funds, and insurance companies. As a result, Ethereum is now part of traditional finance, which enhances its liquidity and price stability.
  • Ethereum ranks 1st  in DEX trading volume, holding a 33.4% market share in the first quarter of 2024, with $144.2 billion in trades.

 

DEX Trading Volume
Credit: CoinGecko
  • Ethereum leads in real-world asset tokenization. It has an almost 72% market share in tokenized US Treasuries. Ethereum also holds more than 98% of commodities, and more than 53% of stablecoin supply on its network.
US Treasuries Stablecoins Commodities
Ethereum $1384.49M $88604.92M $864.89M
Stellar $433.27M $226.43M $9.83M
Solana $47.96M $3199.73M
Mantle $39.72M
Polygon $10.32M $361.26M
Arbitrum $5.22M $1309.82M
Gnosis $2.23M
TRON $61680.08M
BNB Smart Chain $4994.37M
Base $2,972.77
Avalanche $2185.47M
NEAR $714.01M

 

  • Positive: Ethereum dominates the DeFi sector by total value locked, holding more than 60% of the total market share.
DeFi TVL Market Share
Credit: DefiLlama

 

Supply and Scalability

  • Positive: Users can stake Ethereum to earn rewards by participating in the network’s validation process.
  • Positive: Ethereum’s burning mechanism, introduced through the EIP-1559 upgrade, reduces the total supply of ETH over time. Each transaction on the Ethereum network includes a base fee, which gets burned, permanently removing that ETH from circulation. If the rate of ETH being burned is greater than the rate at which new ETH is created, the total supply of ETH decreases, which can lead to increased scarcity and potentially higher value per token.

Disadvantages of Ethereum

Development

  • When problems arise in the Ethereum network, solutions often involve outsourcing tasks to external organizations. This practice can compromise the protocol’s integrity because it relies on outside parties rather than the community or core developers. It creates a situation where external companies have significant influence over the network, which can lead to conflicts of interest and reduce the system’s trustworthiness.
  • Layer 2 solutions offer faster and cheaper transactions, causing both users and developers to focus on them rather than the main Ethereum network. As a result, developers prioritize creating and enhancing Layer 2 or Layer 3 solutions, shifting their innovation and development efforts away from Ethereum itself.
  • Ethereum developers focus on long-term solutions that take years to implement, mainly concentrating on Layer 2s and Layer 3s. Meanwhile, competitors are addressing Ethereum’s issues more quickly, thus attracting more users, developers, and investment. The dynamic leads to a loss of market share for Ethereum as other platforms offer immediate improvements and capture more of the market.

Centralization and Decentralization

  • Liquid staking lets users stake Ether and receive tokens representing their staked assets, which can be traded or used in other DeFi applications. However, it poses a risk to the protocol’s health. If too much Ether concentrates in liquid staking services, a few entities could gain significant control over the network. This is already a reality, because Lido and Coinbase control over 40% of the market share in Ethereum’s staking. For proof-of-stake platforms, control by more than 33% of the stake is problematic because it increases the risk of collusion and potential network compromise.

 

Ethereum Stakers
Credit: Dune Analytics/Hildobby
  • As the hardware requirements for running a node on the Ethereum network increase, only entities with large data centers can afford to keep up. Smaller, individual node operators may find it too expensive to continue participating. This trend leads to a more centralized network, where a few large pLayers dominate, reducing the network’s resilience and decentralization. As of July 2024, five ISPs—Amazon.com, Hetzner Online, OVH SAS, Comcast Cable, and Spectrum—are responsible for 1/3 of the network’s nodes out of 893 providers. The situation has improved since August 2022, when three ISPs hosted 2/3 of the nodes . However, this improvement still does not fully resolve the centralization issue.

 

Ethereum Node Distribution
Credit: Ethernodes.org

 

  • MEV refers to the profit miners can make by reordering, including, or excluding transactions within the blocks they produce. Instead of finding ways to solve this problem, Ethereum has started to accommodate it by supporting proprietary MEV builders. The focus on MEV builders gives them precedence over local, smaller block producers, which can lead to a more centralized and unfair system.
  • Staking requires a minimum of 32 ETH, equivalent to $112,000 at an Ethereum price of $3,500, making it inaccessible for the average retail investor. The barrier reduces the level of decentralization, as fewer individuals can participate in securing the network.
  • Ethereum’s decision-making relies heavily on a small group of developers, which centralizes control and slows down the decision-making process. The absence of on-chain governance means fewer community voices influence major updates, leading to less flexible responses to challenges. A centralized structure hampers Ethereum’s ability to adapt quickly and increases the risk of users and developers moving to more responsive platforms.

Market Position

  • Negative: Year-to-date inflows and outflows  of Ethereum have resulted in a net outflow of $0.85 billion. More money leaving the chain than coming in indicates that investors and users might prefer other chains over Ethereum, which could lead to decreased network activity and hinder its growth and development.
Inflows and Outflows
Inflows and outflows: Credit: Artemis.xyz

Supply and Scalability

Ethereum Transaction Fees
Credit: Etherscan.io
  • Ethereum relies on Layer 2 solutions like Arbitrum and Optimism to handle more transactions. These help reduce congestion and fees but make Ethereum less viable as a standalone option. The significant market share taken by these Layer 2 platforms indicates a preference for alternatives. Although these solutions operate within the Ethereum ecosystem, relying on external chains instead of in-house solutions is not ideal. 
  • Ethereum’s inability to scale results in a poor user experience due to congestion and inefficiency. Additionally, fragmentation across Layer-2 solutions complicates dApp interoperability. It also complicates integrating new projects with existing ones, while while reduced composability hampers innovation and growth within the ecosystem.
  • Ethereum’s focus on being a secure data availability layer for Layer 2 solutions highlights its scalability limitations. The mainnet remains less scalable, affecting the efficiency of the DA Layer. Meanwhile, scalable blockchains can process more transactions, capture higher revenue, and enhance security. This puts Ethereum at a competitive disadvantage, as it struggles to match the performance and efficiency of more scalable blockchains.
  • Successful Layer 2 solutions may abandon Ethereum for more scalable Layer 1 blockchains. If Ethereum doesn’t provide sufficient revenue for these protocols to thrive, they will likely migrate to other platforms that offer better scalability and profitability, further weakening Ethereum’s ecosystem.
  • Due to scalability issues, congestion, and high fees, Ethereum’s DEX trading volume market share has been chipped away by other chains, mainly its own Layer 2 solution, Arbitrum, and Ethereum’s biggest competition, Solana. In October 2023, Ethereum’s DEX trading volume market share was 56.49%, but by March 2024, it had dropped to 33.4%.
  • Recently, the interest in Ethereum has dropped, leading to a situation where inflation exceeds the amount of ETH being burned. Since April 2024, the net increase in ETH supply has been about 60,000 ETH per month. If this trend carries on, by December 2024, the total supply of ETH could return to the levels seen at the time of the Merge.

Ethereum Price History

Let’s now take a look at the ETH price history. While past performance should never be taken as an indicator of future results, knowing what the token has done can help give us some very useful context when it comes to either making or interpreting an Ethereum/USD price prediction.

2015-2018: The Ethereum price fell shortly after its launch, falling to $0.42 in October 2015, which still serves as the all-time low. However, the price has been in a long-term upward trend since then. The first ETH cycle ended in January 2018 with a high of $1,056.

2018-2020: This marked the first long-term Ethereum correction, which briefly took the price below $100 in December 2018. Then, after the March 2020 Covid crash, the ETH price started its next cycle.

2020-2022: While this period noted a significant Ethereum price increase, it still paled in comparison to the 2016-2018 one. Such a decline in the comparative rate of increase is likely because of the law of diminishing returns. Ethereum reached its all-time high of $4,878 in November 2021.

2022-2024: The ensuing correction was also less severe than the one from 2018 to 2020. Ethereum began an upward movement in 2023 and has increased so far in 2024, approaching its all-time high. The Ethereum price trades at $3,455 today, on July 24.

Ethereum Price History
ETH Price History | Credit: CoinGecko
Period Ethereum Price
Last Week (July 17, 2024)  $3,489.83
Last Month (June 24, 2024) $3,512.02
Three months ago (April 24, 2024) $3,207.31
One year ago (July 24, 2023) $1,887.83
Five years ago (July 24, 2019) $211.23
Launch price (August 7, 2015) $2.83
All-time high (November 16, 2021) $4,891.70
All-time low (October 21, 2015) $0.42

Ethereum Market Cap

The market capitalization, or market cap, is the sum of the total number of ETH in circulation multiplied by its price. On July 24, 2024, Ethereum’s market cap was $419 billion, making it the 2nd largest crypto by that metric.

Ethereum Market Cap
ETH Market Cap | Credit: CoinGecko

Who Owns the Most Ethereum (ETH)?

As of July 24, 2024, the five richest ETH wallets  were

  • 0x00000000219ab540356cbb839cbe05303d7705fa. This wallet held 42,963,841 ETH, or 35.58% of the supply.
  • 0xc02aaa39b223fe8d0a0e5c4f27ead9083c756cc2. This wallet held 2,999,113 ETH, or 2.48% of the supply.
  • 0xbe0eb53f46cd790cd13851d5eff43d12404d33e8. This wallet held 1,996,008 ETH, or 1.65% of the supply.
  • 0x8315177ab297ba92a06054ce80a67ed4dbd7ed3a. This wallet held 1,666,970 ETH, or 1.38% of the supply.
  • 0xda9dfa130df4de4673b89022ee50ff26f6ea73cf. This wallet held 1,443,695 ETH, or 1.20% of the supply.

Ethereum Supply and Demand Fact Box

Supply and Distribution Figures
Total Supply 120,230,261
Circulating Supply as of July 24, 2024 120,230,261 (100% of total supply)
Holder Distribution as of July 24, 2024 Top 10 holders owned 45.06% of supply

From the Ethereum Whitepaper

In its technical documentation or whitepaper , Ethereum says it is designed to take blockchain to a new level. 

It says that it wants to use blockchain technology to do more than just support cryptocurrency.

It explains: “What Ethereum intends to provide is a blockchain with a built in fully fledged Turing-complete programming language that can be used to create “contracts”.”

A team of developers, led by the Russian-born and Canadian-based computer wizzkid Vitalik Buterin, founded Ethereum  in 2013.

Ethereum (ETH) Explained

Before Ethereum, blockchains had supported cryptocurrencies, but there was the idea that they could be used for things other than money. In 2015, it came out and allowed people to create their decentralized applications (DApps).

Ethereum, which has gone through a variety of hard forks. These are when a new form of the blockchain is created, making all valid transactions invalid and vice versa. However, it still has its native coin. This coin is, technically speaking, called Ether, but most people call it Ethereum. Anyway, this crypto, known by its ticker handle ETH, pays for transactions on the blockchain. People can buy, sell, and trade it on exchanges. Holders can stake it, or set it aside, to add blocks to the blockchains. 

How Ethereum Works

For a long time, the Ethereum blockchain used a Proof-of-Work (PoW) consensus mechanism, which meant that people solved increasingly complex equations to add blocks to the blockchain, earning rewards for doing so. However, there were two major problems with that. Firstly, it had a negative impact on the environment. The blockchain was responsible for upwards of 90 terawatt hours (TWh) of energy per year, according to data from the Ethereum Energy Consumption Index . To put that into context , Ethereum used more energy than the entire nation of Kazakhstan. 

Secondly, the Ethereum blockchain could get very slow and very crowded. This meant that transactions took longer, which cost people more money, and it also meant that there was a surge of layer 2 scaling solutions. These were platforms linked to the Ethereum blockchain with the aim of taking transactions off the blockchain, carrying them out, and then putting them back on, thus, theoretically, saving time and money. 

In 2020, it was decided that Ethereum would move to a new consensus mechanism. A form of Proof-of-Stake (PoS), it now meant that people who held ETH were able to add blocks to the blockchain-based on how much ETH they held. The final move to PoS, dubbed The Merge , was completed on 15 September 2022. This was expected to contribute to a bullish Ethereum price prediction, but the price has still lagged behind Bitcoin since the merge.

Is Ethereum a Good Investment?

It is hard to say. It has recovered pretty well from the news that SEC was suing Binance and Coinbase.  Not only that, but it is moving forward with new upgrades. The Ethereum ETF launch on July 23 could be a catalyst for a potential price increase.

That said, The Merge, which was to take Ethereum to a whole new level, was something of a damp squib, at least in terms of the ETH price. Also, cryptos have a reputation for being very volatile so ETH could drop at any time. 

On the other hand, the news that there was more ETH staked than ever before suggests that, in technical terms, The Merge has been well-received. Meanwhile, it is doing better than it has done in a long time.

You must do your own research on Ethereum and not just focus on price predictions before you make a decision. 

Will Ethereum go up or down?

No one can really say for sure. While a lot of forecasts are upbeat, price predictions are very often wrong. Remember, too, that prices can, and do, go down as well as up.

Should I invest in Ethereum?

This is a question you will have to answer yourself. Before you do so, you will have to do your own research, not only on ETH but on other cryptos, such as Bitcoin. It is also vital that you never invest more money than you can afford to lose. 

FAQs 

How Many Ethereum are there?

On July 24, 2024, there were just over 120 million ETH in circulation, representing the total supply.

Will Ethereum reach $10,000?

Our price predictions suggest Ethereum will reach $10,000 in 2030.

What is Ethereum used for?

ETH supports the Ethereum blockchain. People can also buy, sell, and trade it on exchanges.

Disclaimer 

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.