Ethereum Price Prediction: ETH Hits $2,400K as Crypto Market Rallies, Time to Buy?

Ethereum (ETH) has finally broken out, capitalizing on the broader crypto market rally that’s got investors hyped.

But before you rush to buy ETH, is this the right time to invest?

Let’s look at Ethereum’s current price action and whether this new breakthrough signals a genuine opportunity.

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Ethereum Breaks Above $2.4K on Pectra Upgrade Hype

Ethereum is on a tear right now. 

The world’s second-largest crypto has once again broken above the $2,400 barrier, surging 18% in just 24 hours.

We haven’t seen ETH trade this high since late March, and this marks its biggest daily green candle in over two months.

What’s driving all this momentum?

Look no further than yesterday’s successful Pectra upgrade.

Combined with the Prague and Electra upgrades, this major network enhancement has boosted investor confidence.

It’s dramatically increased network efficiency, improved staking mechanics, and enhanced smart contract functionality. 

And the market’s response has been impressive. 

Spot trading volumes for ETH exploded to $28.9 billion in the past day as both retail traders and institutional investors rushed to get exposure.

Social media sites like X and Reddit are buzzing, with some users calling it “revolutionary” for Ethereum’s ecosystem. 

The hashtag “#PectraUpgrade” even trended on X yesterday. 

Can ETH Keep Climbing? The Case For Buying Now

Is this breakout the real deal or just temporary?

Looking at the Ethereum price chart, the technicals are pointing to the former. 

ETH has not only broken out of a stubborn sideways range that’s been frustrating traders for weeks, but it’s also completely shattered the descending channel that’s capped price action since December.

What’s also interesting is what’s happening with institutional money.

The spot ETH ETFs are seeing an uptick in demand, with $2.6 billion in inflows just last week alone.

The supply side of the equation looks equally promising: Whale wallets are in accumulation mode, with over 1.1 million ETH flowing into big money addresses recently.

The math is simple when you mix falling exchange supplies with growing demand. 

We could be looking at a push toward $3,000 by the end of May.

The path of least resistance is definitely upward, and with the Crypto Fear & Greed Index heading toward “Extreme Greed” territory, we might just be at the start of a larger bull run.

Which ERC-20 Tokens Could Benefit from Ethereum’s Rally?

When Ethereum surges, it tends to lift the entire ecosystem.

That’s just how the market works – and several ERC-20 tokens are likely to catch this upward momentum.

The first one is MIND of Pepe (MIND), which might be the most intriguing play right now.

This new crypto combines meme coin appeal with AI utility.

Its built-in AI agent scans social media for trading signals and shares these insights through a token-gated Telegram group – exclusively for MIND holders.

Still in its presale which has raised $8.8 million, MIND of Pepe is attracting attention from all corners of the market.

Don’t be shocked to see this ERC-20 token take off once it hits exchanges, especially if ETH keeps rising.

Then there’s the OG meme coin Pepe (PEPE), currently sitting at a $4.6 billion market cap.

Despite zero utility, PEPE’s community backing and enormous trading volume ($1.5 billion today) make it a classic high-beta play on Ethereum’s rally.

It tends to amplify ETH’s moves in both directions, so expect volatility.

Lastly, Ethena (ENA) offers a more fundamentals-based approach.

As the governance token for the synthetic dollar protocol behind the USDe stablecoin, ENA benefits from increased DeFi activity during bull runs.

With institutional backing and real utility, it’s the safest bet of the three, but might not deliver the explosive returns that retail traders crave. 

All in all, MIND of Pepe might be the token that benefits the most.

Although it’s still early days, this meme-AI hybrid looks likely to take off as ETH enthusiasm ramps up.

This publication is sponsored. CryptoDnes does not endorse and is not responsible for the content, accuracy, quality, advertising, products or other materials on this page. Readers should do their own research before taking any action related to cryptocurrencies. CryptoDnes shall not be liable, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with use of or reliance on any content, goods or services mentioned.

Nikolay

Nikolay is a crypto enthusiast, with a keen interest in emerging technologies and investment strategies. He holds active positions across various crypto exchanges, regularly analyzing and investing in promising new projects and meme cryptos. Nikolay is known for his ability to take calculated risks and extract value from unconventional investments, with his highest return being 13X with the $PEPE token. His investment philosophy includes a strategic approach focused on long-term growth, supported by in-depth research of market trends and innovations in crypto and blockchain technologies. Niki actively monitors global market changes and has a deep understanding of cryptocurrency mechanisms and their potential for development.