Ethereum’s price has cooled over the past three days, slipping from last week’s peak of $4,772 to around $4,500. But despite the pullback, one leading analyst believes ETH is primed for a much bigger move this year potentially climbing as high as $8,000.
Bitget Analyst Delivers Bold Forecast
Ryan Lee, Chief Analyst at Bitget, sees Ethereum continuing its upward march in 2024, supported by strong ETF inflows, macroeconomic tailwinds, and continued ecosystem growth.
Lee highlighted Ethereum’s growing appeal among U.S. investors, pointing to fresh demand from spot ETFs. According to SoSoValue, Ethereum ETFs saw $405 million in inflows on Friday, on top of $330 million earlier in the week. Since their approvals in 2024, these funds have brought in $13.38 billion, with BlackRock’s ETHA leading the pack at $17.25 billion in assets under management.
“The Federal Reserve’s expected 25-basis-point cut at its September 17 meeting would reduce borrowing costs and boost liquidity, providing a tailwind for risk assets,” Lee said. “Under this scenario, Bitcoin could climb toward $150,000–$200,000 by year-end, while Ethereum may advance to the $5,800–$8,000 range on the back of ETF rotations and network expansion.”
Ethereum’s Growing Ecosystem
Beyond ETF flows, Ethereum’s on-chain fundamentals remain strong. The network currently has over $208 billion in total value locked (TVL) and more than $508 billion in bridged TVL, underscoring the ecosystem’s role as a hub for DeFi activity. Ethereum’s stablecoin market cap has also surged past $157 billion, showing its continued dominance in digital dollars.
Another driver will be the upcoming Fusaka upgrade in November, which is expected to:
- Improve scalability for rollups and layer-2s
- Make node operations easier
- Strengthen overall network security
This follows the successful rollout of the Pectra update, keeping Ethereum’s roadmap on track for efficiency and long-term growth.
Technical Outlook for ETH
On the charts, Ethereum has shown resilience since bottoming at $1,396 in April. The coin has broken above the important resistance at $4,115 (a level that capped rallies in March and November last year).
ETH is also holding above the 50-week Exponential Moving Average (EMA) and recently cleared the Murrey Math Lines stop-and-reverse point at $4,375. Analysts note that Ethereum is forming a bullish pennant pattern on the weekly timeframe a continuation signal that often points to further upside.
Bottom Line
While Ethereum has taken a breather after its recent rally, momentum from ETF inflows, strong on-chain growth, and the upcoming Fusaka upgrade could be setting the stage for its next leg higher. If macro conditions align particularly with a Federal Reserve rate cut analysts like Ryan Lee believe Ethereum could climb toward the $5,800–$8,000 range by year-end.
For investors, the coming months may prove pivotal as ETH looks to solidify its role not just as the backbone of DeFi, but as a top-performing digital asset in the broader crypto market.
