Will Ethereum Price Hit $10K if Vitalik Wins Nobel Prize?

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As a seasoned crypto investor with a decade of experience under my belt, I have witnessed the wild ups and downs of this volatile yet exciting market. Today, Ethereum’s price dip to around $2,388 after a 7% decrease is just another roller coaster ride in our journey. However, from a technical analysis standpoint, I believe that Ethereum hitting $10,000 is more than just a possibility; it’s a solid mid-to-high probability scenario.

As a crypto investor, I’m observing that Ethereum (ETH) is currently holding steady around $2,388, having dipped about 7% from its October 7 peak. This recent downtrend seems to mirror Bitcoin‘s 2% decline over the past day. While ETH managed a 9% surge at the end of last week, the immediate future looks uncertain. However, despite this short-term uncertainty, my optimism for the mid-to-long term remains intact as we navigate through the early stages of the fourth quarter, with the crypto markets in motion and Vitalik Buterin being nominated for the Nobel Prize adding to the excitement. Could Ethereum reach $10,000? That’s a question I’m keeping a close eye on.

Viewed from a technical perspective, it’s quite likely that Ethereum could reach $10,000. This prediction is backed by two significant resistance points at approximately $2,800 and $4,000, which have held the price steady for some time. Additionally, Economist Tyler Cowen has put forward Ethereum co-founder Vitalik Buterin as a candidate for the Nobel Prize in Economics. Could this recognition help drive Ethereum’s value up to $10,000?

Why is Ethereum Price Down Today?

Over the past day, the value of ETH has dropped by 1.3%, currently standing at $2,388. This sharp drop in price might be attributed to rumors that China is offloading ETH from the PlusToken scam. Yet, despite this short-term pressure, there’s still a positive perspective for ETH:

    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.

To date, his prediction holds true because the price of Ethereum hasn’t exceeded its record high from 2021 since that time.

 

To date, his forecast has held true, given that the value of Ethereum hasn’t exceeded its record high from 2021 so far.

Will Vitalik Buterin Winning A Nobel Prize Send ETH to $10,000?

As a crypto investor, I find myself in awe at the mention by renowned American economist and professor, Tyler Cowen, of Vitalik Buterin as one of the individuals deserving of a Nobel Prize. This recognition is attributed to his groundbreaking contributions to monetary economics and mechanism design, primarily through his work on Ethereum.

Should Vitalik Buterin win a Nobel Prize in economics for Ethereum?

— Mercatus Center (@mercatus) October 8, 2024

As per Cowen’s statement, no economist he can recall has offered any substantial input towards the theoretical aspect of cryptocurrencies.

If Vitalik Buterin were to be awarded the Nobel Prize in Economics, it could significantly influence the cryptocurrency market. Among the potential effects are:

    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.
Will Ethereum Price Hit $10K if Vitalik Wins Nobel Prize?

According to established experts in science and economics, an active ETF and growing institutional interest suggest that Ethereum could quickly reach $10,000. Notably, this represents a 400% increase from its current price, which is relatively small compared to the previous growth of 5,400%.

Ethereum Price Analysis: ETH To Reach $3,000 in October

On the 6-hour chart for Ethereum, there seems to be a developing double-bottom reversal pattern, hinting at an upcoming bullish phase. The decline is weakening, suggesting that traders who have been on the sidelines might soon enter the market as buyers.

The area just above $2,490 serves as a significant barrier for the price increase. If the price manages to surpass this level, it will signal a shift in trend direction, with an estimated rise towards approximately $2,700. This suggests a possible 13% increase from the current price of $2,397.

Will Ethereum Price Hit $10K if Vitalik Wins Nobel Prize?

The forecast for Ethereum’s price indicates that its initial support level is approximately $2,360, which is where it recently dipped. If the value falls below this point, the optimistic perspective might become less firm, potentially causing ETH to decrease further to around $2,260 and even $2,150.

A double-bottom reversal might signal a broader change in direction, possibly initiating a fresh uptrend if sustained. For further gains to materialize, it’s crucial to surpass resistance levels around $2,700 and maintain a bullish outlook that could push prices up towards $3,000, $4,000, and even potentially $10,000.

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2024-10-10 16:41