The world’s second-largest cryptocurrency, Ethereum, has been lagging behind its peers so far this year, but it could be in for a big move in 2024 according to one analyst.
On Dec. 26, crypto YouTuber Lark Davis said, “Ethereum is going to make a lot of new millionaires in 2024.”
However, he added that those with a lot of ETH, purchased at much lower prices and staked, will do well in the next bull market. But those getting into the market now, with the asset trading over $2,000, are not going to make it big unless they have a lot to invest.
The big returns will be made trading Ethereum layer-2 assets, he said.
Ethereum to $15,000
Lark highlighted a number of current and upcoming layer-2 listings, such as zkSync, Starknet, Linea, Scroll, Blast, Manta, and Celestia. “New listings can make money, especially in the short term,” he said.
Newly launched tokens often exhibit pump-and-dump patterns as airdrop hunters offload them quickly. However, there have been several that have begun up trending soon after when they get listed on larger exchanges.
For the Ethereum hodlers, things could still be good in 2024. He compared gains for ETH from previous cycles and made a prediction for the next bull cycle in 2024 and 2025.
Now that the asset has broken out from its resistance zone at $2,150, “it’s going to do big things.”
If Ethereum makes similar gains to the last cycle high, or even slightly less, “that will get us up to around $15,000 per coin.”
This is on a hypothetical 200% gain from the previous high, which was around $4,880 in November 2021.
For those buying now, there is a potential 500-600% gain, he said, which is a “relatively low-risk bet for crypto.”
Ethereum is very strong fundamentally despite the lack of love recently from the crypto community.
ETH Price Outlook
Crypto markets are in retreat this Wednesday in Asia. As a result, ETH prices dropped 2% on the day in a fall to $2,223 at the time of writing.
Moreover, the asset has now declined 6.8% from its 2023 high of $2,385 on Dec. 9. There is solid support at the $2,150 area where it could be heading next as markets continue to cool.
There is little doubt that the asset will perform well in the next bull cycle, but at the moment, the Ethereum engines are spluttering a little.