The expert's opinion on the future course of the Ethereum (ETH) cryptocurrency was presented by Bitget's chief analyst, Ryan Lee, on what prospects await this leading altcoin in 2024. He expressed his point of view regarding the possibility of price increases for this digital currency.

Lee stressed that at the moment, ETH is showing relative weakness compared to Bitcoin (BTC). He noted that in the first quarter of 2024, key positive factors will be associated with the renewal of Cancun, as well as with the possible approval of spot ETFs on BTC and a change in the interest rate of the Federal Reserve System (Fed).

Subject to favorable developments, the ETH exchange rate has a chance to reach $2,500 and even up to $2,800, according to Lee. He also clarified that the support levels will be located at the levels of $2,100 and $1,800. According to current swap data, events are likely to start affecting the market from March to May 2024.

Based on this, it is expected that the results of these events can have a positive impact on ETH and possibly create a stronger trend compared to BTC. According to Lee, in an optimistic scenario, ETH may even reach the $3,000- $3,500 mark. However, it is worth noting that the activity of funds in the market will have a significant impact, and the price of ETH will range from $1800 to $3000.

Lee also added that in 2024, given the actions of large financial institutions, the joint efforts of the market may lead to the achievement of historical highs in the value of ETH, perhaps even to the $4,900 mark. This, in turn, may shift the "lower price of the new ETH cycle" in the range from $2500 to $3000, as noted by the Bitget Research expert.