Leading Crypto Journalist Sets $6,000 Price Target for ETH in 2024 Pushing ERC-20 Altcoins to Rally

The crypto market is experiencing significant volatility, with many investors looking for insights into potential future trends. Amidst this dynamic environment, a leading crypto journalist has set a bold price target for Ethereum (ETH) at $6,000 in 2024. 

This ambitious prediction is generating excitement and pushing ERC-20 altcoins Optimism (OP) and Algotech (ALGT) to rally as investors anticipate a broader market surge. 

In this article, we will discuss the implications of this price target for Ethereum (ETH) and how it might influence the performance of ERC-20 altcoins.

Ethereum’s path to $6,000: Analysts predict major tally with potential ETF approval

Ethereum (ETH) hit an all-time high of $4,878.26 in November 2021. Since then, the price of the second-largest crypto project has fallen by over 30% from its 2021 peak and has undergone a major price correction since May of this year.

Current Market Trends and Predictions for Ethereum (ETH)

According to an expert, Ethereum (ETH) could hit the $6,000 mark in September of this year. Reaching $6,000 from current price levels would translate to a rally of nearly 80%. The analyst refers to Ethereum (ETH) as the “decentralized global settlement layer/world computer.”

Additionally, Reuters reports that the Securities and Exchange Commission (SEC) may approve Ethereum (ETH) exchange-traded funds (ETFs) for launch as early as July 2024. 

The financial regulator approved 11 spot Bitcoin ETFs in January, leading to a significant price rally, with BTC hitting a new all-time high of $73,737 in March. A similar pattern may emerge for ETH if the SEC approves the ETF launch.

Ethereum (ETH) is currently down 12.6% from the previous month, 3.3% in the 14-day charts, and 5.6% in the weekly charts. The recent decline in price is likely due to BTC staying below $62,000. Miners selling off their holdings caused a decline in Bitcoin’s price as the average cost of mining one coin topped $86,000.

CoinCodex data suggests that Ethereum (ETH) will continue to trade below $3,500 until at least July 27, 2024. Changelly also predicts that ETH’s price will consolidate around its current levels until at least early July. However, this forecast may change if the ETH ETFs debut, as the asset may see a rise in inflows from the new investment vehicle, leading to a breakout.