Ether Approaches $4k as Bitwise Predicts $10k for ETH in 2024

TL;DR

• ETH is trading above the $3,900 mark, up by 3% in the last 24 hours.

• Asset management firm Bitwise predicts that ETH could hit $10k this year.

Ether Approaches $4k as Rally Continues

Ether, the second-largest cryptocurrency by market cap, has been bullish since the start of the week. The coin is up by 16% over the last seven days, outperforming Bitcoin in the process.

Over the last 24 hours, ETH is up by nearly 4% and is currently trading at $3,926 per coin. If the bullish momentum is sustained, ETH could surge past the $4k psychological level in the coming hours or days.

The rally also comes as Bitwise, one of the leading asset management firms in the crypto space, made known its bullish position on ETH. Bitwise analysts pointed out that Bitcoin sucked up all the attention recently, but ether could more than double from current prices this year. Juan Leon, crypto research analyst at asset manager Bitwise, stated that,

"[Ether] could very well go above $8,000, $10,000 this year, maybe even higher. Bitcoin has sucked up all the attention with the bitcoin ETFs launching, but [ETH] has at least two major catalysts that will come into focus."

The Ethereum blockchain is set to undergo its Dencun upgrade later this month. The upgrade is expected to make transactions cheaper on Layer-2 networks, boosting activities on the Ethereum blockchain. Leon added that,

"Most of the positive sentiment will happen weeks and months after the upgrade as the effects take place." 

Ether continues to rally while BTC maintains its price above the $67k mark. BTC is up by 1% in the last 24 hours and is now trading at $67,370 per coin.