Macro Researcher Argues Ethereum to Crack $20K “in Four Months”

A macro researcher argues that Ethereum could reach $20,000 within the next four months, given the market’s ongoing bullish trend.

Ethereum has been building on its recent momentum, closing the week with a 4% increase as buyers pushed the price above $2,600. This price movement indicates renewed investor interest, setting the next target at $2,800, which is expected to serve as a key resistance point.

The recent weeks of September have marked a turning point for Ethereum as it attempts to escape the prolonged downtrend that began in March. This has reignited optimism among market participants.

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Potential Upward Trajectory

This renewed bullish trend has created optimism in the market, and Ethereum’s price trajectory suggests a continued upward path. Julien Bittel, Head of Macro Research at Global Macro Investor, noted that Ethereum’s current trend mirrors its patterns from 2023, indicating that further price gains could be on the horizon.

Bittel’s analysis highlights a relatively stable trend, fluctuating between $1,500 and $2,500 from January 2023 to March 2024. However, it projects a more pronounced uptrend beginning in September 2024, which could drive Ethereum’s price to as high as $20,000 by January 2025 if this momentum continues.

With Ethereum trading at $2,671 today, this bold timeline suggests that ETH could register a nearly 10X surge in just four months.

Ethereum’s Funding Rate Rebounds

Further data supporting the growing bullish sentiment is the funding rate. A report by Crypto Quant on September 25 indicated that Ethereum’s funding rate, which had declined earlier in the month, began recovering towards the 0.01 level after rebounding from 0.005. 

Shayan, a trading manager at CryptoQuant, observed that this rise in funding rates reflects increased buying pressure among futures traders, indicating a shift in market sentiment. As buyers continue to show interest, Ethereum’s price could benefit significantly, especially as the broader market shows signs of recovery.

Concerns Remain

Despite the overall positive outlook, recent large transactions by Ethereum whales have raised concerns. In recent days, two major Ethereum whales moved over $53.6 million worth of ETH to exchanges, sparking fears of a potential selloff. 

Spot on Chain disclosed that these significant transfers were linked to entities associated with Ethereum’s initial coin offering (ICO) and Genesis Trading’s liquidation.

Notably, one of the largest whale addresses, connected to Ethereum’s 2015 ICO, emerged from a three-month dormancy, moving 8,510 ETH, valued at $22.15 million, to the Kraken exchange.