Renowned crypto analyst CrediBULL Crypto has made bold predictions about Ethereum’s ETH/USD potential price surge in 2024.
In a post on X on Friday, the analyst said that Ethereum could hit five figures in the coming year, with a minimum price target of $10,000.
This outlook implies a potential gain exceeding 343% from the current trading level.
At the time of writing, ETH was trading at $2,244.18, down by just 2 percent in the last seven days.
In a more bullish scenario, the crypto analyst envisions Ethereum reaching a maximum price of $20,000, suggesting an astonishing upside of around 786%.
“Think that last [liquidation] wick marked our bottom but at least in the short term think we may see a small move down and a bit more ranging before we are ready for the next leg up,” CrediBULL Crypto said in the post.
The analyst’s optimism aligns with data from blockchain analytics platform Santiment, which reveals a significant accumulation of Ethereum by whale investors.
According to the Santiment, the top 150 self-custody wallets now collectively hold a record-breaking 56.25 million ETH, while exchange wallets hold a mere 9.46 million ETH, the lowest level since June 2018.
These statistics indicate a rapid accumulation of Ethereum by the largest holders.
Both exchange and non-exchange wallets, owned by the top 150 Ethereum whales, now boast a total of 65.71 million ETH, marking an all-time high in whale holdings, Santiment reported.