Ethereum (ETH) recently surged to reclaim the $3000 mark, marking a 3% increase in the daily charts and a 1.8% rise in the 14-day charts. However, ETH struggled to hold onto the $3000 level and dropped to around $2998. The $3000 level is currently acting as a key resistance level for the second-largest cryptocurrency by market capitalization. Additionally, ETH has seen a 2.6% decrease over the past month.
The recent price rally could be attributed to lower-than-expected inflation figures in the US, with a 0.3% increase in March compared to the anticipated 0.4%. This positive news may have improved investor sentiment. However, the Federal Reserve is likely to continue its strategy of maintaining higher interest rates until inflation reaches its 2% target.
Looking ahead, the question remains whether Ethereum will reach a new all-time high in 2024. ETH hit a record high of $4878 in November 2021 but has since fallen by 38.5% from that peak. According to Changelly, ETH could potentially reach a maximum price of $4,773.52 in 2024, representing a growth of around 59.2% from current levels. If ETH surpasses $4,500, it may have the potential to exceed its previous peak.
On a more optimistic note, Telegaon predicts that ETH could hit a new all-time high of $5,854.04 in 2024, translating to a growth of approximately 95% from current levels. Furthermore, there is speculation that the US Securities and Exchange Commission (SEC) may approve a spot ETH ETF later this year. If this approval occurs, it could lead to a significant increase in ETH’s adoption and price.