Ethereum will reach $5.4K this year... 62% of investors are bullish, Vitalik Buterin proposes solution to centralize token liquidity.
The price of Ethereum (ETH) could exceed $5,400 in 2024, according to a new report by Bitfinex, a leading cryptocurrency exchange, Cointelegraph reported. Bitfinex analysts said, "We expect ETH to reach oversold conditions this year. However, by the time it reaches that level, the highs could be well above the $5400 level," the analysts said. This is according to their high-risk scenario based on the Mayer Multiple Oscillator, a ratio of the current Ethereum price to its 200-day moving average (MA). According to prediction market polymarket, more than 62% of market participants now expect Ethereum to reach new all-time highs this year. This is up from 45% a month ago.
Another argument in support of this is that while the U.S. Securities and Exchange Commission (SEC) has been pushing to classify Ethereum as a security, Brian Quintenz, a former commissioner at the U.S. Commodity Futures Trading Commission (CFTC) and head of policy response at Andrison Horowitz (a16z), told X that "the SEC's attempt is likely to fail." "When the SEC allowed ETH futures ETFs to trade on regulated exchanges, it effectively admitted that Ethereum is not a security. The SEC began its investigation when Ethereum switched its consensus algorithm to PoS in 2022, and the approval of the ETH futures ETF came long after that."
Meanwhile, Ethereum co-founder Vitalik Buterin introduced the concept of "rainbow staking" at ETH Taipei in Taiwan. Vitalik pointed out that staking and liquidity staking tokens pose a threat to the centralization of the Ethereum network. He proposed to divide staking into two categories: heavy and light.
