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Posted: November 24, 2024
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- ETH could rally to $10K, per crypto VC partner at Moonrock Capital.
- There was solid traction for ETH, including renewed staking interest, which could boost prices.
A crypto VC projected that Ethereum’s [ETH] price could eye a $10K cycle high, despite lagging major cap altcoins and Bitcoin [BTC].
According to Simon Dedic, founder and partner of crypto VC Moonrock Capital, ETH could be the ‘ safest 3x ’ opportunity now.
“At this current state of the market, $ETH is likely the simplest and safest 3x opportunity still available.”
Based on the current value, that’s about $10K per ETH. There have been increasing bullish calls for ETH, with asset manager Bitwise projecting a similar ETH ‘ contrarian bet ’ outlook in October 2024.
Is ETH’s lag an opportunity?
Despite slowing down relative to majors like Solana [SOL] and BTC, ETH has seen mild and solid traction after the US elections.
However, negative market sentiment has compounded the slow catch-up, with the ETH/BTC ratio printing new yearly lows of 0.031.
This means that ETH has been underperforming BTC, a trend that goes back to 2022 after The Merge.
Source: ETH/BTC ratio, TradingView
Put differently, investors preferred BTC and other majors relative to ETH, muting its overall price performance.
But things could change for the altcoin king. As of press time, ETH has recovered over 40% since November lows. It also attempted to clear the $3.3K roadblock, which could accelerate to upper targets of $3.6K and $4K.
Source: ETH/USDT, TradingView
Another bullish signal, as noted by CryptoQuant’s JA Maartunn, was increased Ethereum staking.
ETH staking recorded the highest weekly net inflows for the first time after months of outflows. Marrtunn added,
“Over the past week, Ethereum staking recorded a net inflow of +10k ETH, with 115k ETH deposited and 105k ETH withdrawn. The blue line (total staked ETH) is climbing again, signaling renewed confidence in staking as a long-term strategy.”
Source: IntoTheBlock
The above trend, perhaps driven by renewed optimism about the Trump administration’s likely approval of staking on US spot ETFs, could trigger an ETH supply crunch, which would be net positive for ETH prices.
Read Ethereum [ETH] Price Prediction 2024-2025
Similar optimism was seen amongst options traders on Deribit . In the past 24 hours, large payers placed more bullish bets (Open Interest spike, orange lines) on ETH, reaching $3.8K, $4K, $5K, and $6K targets.
However, they were also prepared for a pullback scenario with a slight rise in puts options buying (bearish bets, blue lines) towards $3K and $2.8K targets.
Source: Deribit
