Will ETH Hit $4k First or $2k?

Will ETH Hit $4k First or $2k？

Ethereum (ETH) price today trades at $3,080.1 as of 10 PM. Ether prices hit a daily high of $3,150.2 today after rising 0.20% on November 21.

Ethereum Price is Up Today: Why？

The Ethereum price trades at $3,080.1 after recovering nearly 4% from the daily low of $3034.84. This uptick is in line with Bitcoins 0.90% gain today. If this trend keeps up the New York trading session could propel the value of ETH higher.

Ethereums innovative smart contract technology has made it a standout altcoin since its inception in 2015. Continuous major network upgrades ensure Ethereum stays ahead in smart contract innovation. The latest upgrade, Cancun, launched on March 13, 2024.

Ethereum Price History

The year-to-date (YTD) performance of ETH is 8.17%, after dropping form double digits at the start of the week. As of November 21, 2024, if you invested $10,000 in ETH on January 1, 2024, your portfolio, after 299 days, would be worth nearly $10,817. Regardless of Ethereums lackluster performance its market capitalization stands at $371.0 billion.

Ethereum Market Cap: The Second-Largest Cryptocurrency

Ethereum ranks second in market capitalization, valued at $371.0 billion, after Bitcoins $1.85 trillion. Together, they comprise 83% of the crypto market.

However, Ethereum maintains a strong lead over other popular cryptocurrencies:

• Solana (SOL): $112 billion
• Ripple (XRP): $63 billion

Despite this recent downtick and recovery, the 24-hour trading volume of Ethereum is $31.6 billion.

Ethereum Trading Volume

The 24-hour trading volume of Ethereum is $31.6 billion. Binance is the largest contributer to this trading volume – about 11% is contributed by spot trading and nearly 40% from futures trading. Exchanges like OKX, Bitget, ByBit follow Binance.

Influence of ETH Gas on Ethereum Price

Ethereum‘s upgrade aims to solve the blockchain trilemma: balancing decentralization, security, and scalability. The switch to Proof-of-Stake (PoS) enhanced these aspects. Post-upgrade, Ethereum’s transaction fees (gas fees) plummeted, drawing more investors. Gas fees are like taxes, measured in Gwei, required for secure transactions.

As of November 21, the gas fee for a transaction on the ETH network as of 10 PM is 9.825 Gwei.

When Ethereums on-chain value grows, presenting opportunities, investors flock, driving gas fees up. This typically occurs during market upswings, peaking at all-time highs.

Ethereum Price Prediction & Trends

Despite cryptos bullish outlook Ethereum price performance remains lackluster especially when comparing to top altcoins. Perhaps, if Bitcoin price overcomes the $100K hurdle, ETH could trigger a massive rally.

Ethereum Price Outlook For Next Week

Based on CoinGagpes Ethereum price predictions, investors can expect ETH to trade around $,216, a slight uptick in the next week.

Ethereum Price Forecast Between 2025 & 2029

In a long-term outlook between 2025 and 2029, Ethereum price will end its ongoing slump and kickstart a bull rally. Based on Coingapes forecasts, Ether prices could hover between $2,500 to $4,672.

Ethereum Prices Forecast Between 2030 & 2050

Betweem 2023 and 2050, Ethereum price will most likely follow the bullish outlook and aim for the six-digit territory. The highest price of Ether in 2050 based on CoinGape forecasts is $126,482.21

Will Ethererum Rally to $4K or Crash to $2K First？

After a 46% rally in just eight days, Ethereum price is likely to correct as volatility decreases. Many investors are likely to book profits while sidelined buyers wait for a retracement to find a better entry price. Moreoever, the uptrend tagged the $3,352 to $3,497 resistance zone and is currently showing weakness. As a result, the next logical outlook for ETH is a pullback.

The immediate support level at $2,886 is where sidelined buyers could be waiting to deploy captial. In general, the $3,000 to $2,820 zone is a good place to be a buyer. If the overall crypto outlook remains bullish, then BTC should climb to new highs and ETH should follow suit.

In such a case, ETH price should see a strong spike in buying pressure aound $3,000 that should propel it to revisit the $3,352 to $3,497 resistance zone. A breakout should send ETH to the next key psychological level of $4,000.

ETH/USDT 1-day chart

On the other hand, if Ethereum price fails to hold above $2,829, it would signal weakness. Such a development could invite a spike in selling pressure that could knock ETH down by 9% to revisit the ranges midpoint at $2,564. In worst case scenario, Ether could revisit the range low at $2,309.