In a recent set of tweets, renowned trader and technical analysis expert EliZ¥ (@eliz883) shared some sharp insights on the future of Ethereum (ETH), which currently holds the second spot in the cryptocurrency market by capitalization.
EliZ¥, who boasts an impressive following for his timely and accurate crypto predictions, made a bold forecast for Ethereum’s price in 2024. According to his technical analysis, he is “100% sure” that Ethereum will skyrocket to $68,000 by 2024. The current price of Ethereum hovers around $2,000, marking a potential growth of more than 3,000% if EliZ¥’s prediction comes to fruition.
As for the current moment, Ethereum is standing at a critical point, according to the famous Twitter analyst. He highlighted that Ethereum was trading at the same price it was exactly two years ago during the last bull market. EliZ¥ stressed the importance of the “red flip box,” a major support/resistance level for ETH. The expert noted a bearish trend on the 3-day chart but mentioned he is looking for a long position only if Ethereum breaches above $2,050.
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In addition to the price analysis, EliZ¥ also drew attention to Ethereum’s network health. The analyst pointed out that 20% of Ethereum’s total supply is now staked. This figure has almost tripled since the start of 2023, indicating significant investor confidence in Ethereum’s long-term potential.
The staking mechanism is a core feature of Ethereum 2.0, the network’s much-anticipated upgrade. By staking their coins, Ethereum holders contribute to the security of the network and earn rewards in return.
Ethereum’s future seems increasingly tied to the success of this upgrade, which aims to increase the network’s scalability and security while lowering its environmental impact. If successful, Ethereum 2.0 could potentially boost the demand for ETH and, consequently, its price.
While EliZ¥’s prediction might seem overly optimistic to some, it’s worth noting that the crypto market has a history of volatile swings and exponential growth. As always, investors should exercise caution and do their due diligence when investing in cryptocurrencies.
