Ethereum price today is hovering around $2,388 after decreasing by nearly 7% since the October 7 swing high. This downtrend aligns with Bitcoin’s 2% drop in the last 24 hours. Although Ethereum (ETH) ended its lackluster performance last week with a 9% rally, the short-term outlook remains questionable. The mid-to-longer-term forecast, however, remains unchanged as crypto markets burn through the first months of the fourth quarter and on the backdrop of Vitalik Buterin being nominated for the Nobel Prize. Will the ETH price reach $10,000?
From a technical analysis standpoint, Ethereum hitting $10,000 is a solid mid-to-high probability scenario. This assessment is based on the two strong resistance levels at $2,800 and $4,000, which have suppressed the price for an extended period of time. Meanwhile, Economist Tyler Cowen has nominated Ethereum co-founder Vitalik Buterin for the Nobel Prize in economics. Can this development help propel Ethereum to $10,000?
Why is Ethereum Price Down Today?
ETH price has decreased 1.3% in the last 24 hours and is trading at $2,388. This sudden spike in selling pressure is due to speculation that China is selling ETH from the PlusToken scam. However, the outlook remains bullish for the following reasons:
- Ethereum’s most recent low is still higher than the previous lows recorded last month on the September 6 crash. This signals that the ETH price is still on an uptrend.
- Further, the bullish fourth quarter beginning is another reason why Ether price could continue its ascent despite being down today.
Does this mean the price of ETH will continue to rally to $10,000? It is likely. Crypto analyst KALEO predicted Ethereum’s roadmap to $10,000 in July 2022, showing that ETH will only enter price discovery in late 2024 or early 2025.
So far, his prediction is correct, as the Ethereum price has not surpassed its 2021 all-time high since then.
So far, his prediction is correct, as the Ethereum price has not surpassed its 2021 all-time high since then.
Will Vitalik Buterin Winning A Nobel Prize Send ETH to $10,000?
American Economist and Professor Tyler Cowen recently mentioned Vitalik Buterin among people he thinks should receive a Nobel Prize due to his significant contributions to monetary economics and mechanism design through Ethereum.
Should Vitalik Buterin win a Nobel Prize in economics for Ethereum? pic.twitter.com/oyaWwaWTNd
— Mercatus Center (@mercatus) October 8, 2024
According to Cowen, “None of the economists that I can think of at all have made any contributions to the theory of crypto.”
If Buterin were to win a Nobel Prize in Economics, it would likely profoundly impact the crypto market. Some of them include:
- Increased legitimacy of crypto assets (especially Ethereum) and the blockchain industry would attract more institutional investors, potentially boosting the Ethereum price.
- A boost in positive market sentiment following the recognition would drive up the price of ETH and other crypto assets.
- The free publicity on the world stage would boost Ethereum and the crypto industry in the mainstream media, bringing widespread awareness, which can translate into mass adoption.
In the 2021 bull run, Ethereum price skyrocketed 5,400% from $85 to over $4,000 on nothing more than hype.
With recognition from the respected fields of science and economics, an active ETF, and increasing institutional adoption, the Ethereum surge to $10,000 would be swift. Besides, from the current price of $10,000, there is only a 400% increase, which is small compared to the previous 5,400%.
Ethereum Price Analysis: ETH To Reach $3,000 in October
ETH’s 6-hour chart shows a double-bottom reversal pattern forming, indicating a potential bullish trend. The downtrend is losing momentum, and buyers may be preparing to take control.
The neckline around $2,490 is the key resistance level. If the price breaks above this, the pattern will confirm a trend reversal with a measured move from the neckline to a potential target of around $2,700. This implies a potential 13% upside from the current price of $2,397.
Ethereum price prediction shows the first support level lies at the recent low of around $2,360. If the price drops below this, the bullish outlook may weaken, and ETH price could drop lower to $2,260 and $2,150.
The double-bottom reversal pattern could indicate a broader shift in momentum, potentially marking the beginning of a new upward trend if it holds. Further upside would depend on breaking resistance levels near $2,700 and continuing bullish sentiment toward $3,000, $4,000 and potentially, $10,000.
Frequently Asked Questions (FAQs)
Winning a Nobel Prize would likely increase Ethereum’s legitimacy and attract institutional investors, which could boost its price.
Vitalik Buterin being nominated for the Nobel Prize in Economics would shine a spotlight on Ethereum, boosting its reputation in both the academic and investment communities.
Predictions suggest that Ethereum could enter price discovery in late 2024 or early 2025. While the Nobel Prize nomination could act as a catalyst, the timeline largely depends on breaking key resistance levels and the broader market environment.
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Evans Karanja
Evans Karanja is a crypto analyst and journalist with a deep focus on blockchain technology, cryptocurrency, and the video gaming industry. His extensive experience includes collaborating with various startups to deliver insightful and high-quality analyses that resonate with their target audiences. As an avid crypto trader and investor, Evans is passionate about the transformative potential of blockchain across diverse sectors. Outside of his professional pursuits, he enjoys playing video games and exploring scenic waterfalls.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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