For much of the past year, predictions were rife that Ethereum’s (ETH) price could reach five-digits. However, as Bitcoin (BTC) surged in 2024 while ETH lagged behind, market analysts have reassessed their forecasts. 

With ETH struggling to keep pace, expectations for a $6,000 price tag have now been tempered, and indicators show that it might be time to lower expectations this cycle.

Investors Favor Bitcoin Over Ethereum

In August, the Pi Cycle Top revealed that  Ethereum’s price could surpass $6,000 before the end of this bull market. Since then, several factors have shifted, making the initial prediction less attainable.

The Pi Cycle Top has historically been a reliable indicator of the highest price a cryptocurrency can reach within a specific period. It uses the 111-day Simple Moving Average (SMA) and the 350-day SMA to forecast this peak.

Currently, Ethereum’s price is at $2,603, but the 350-day SMA (purple line), which signals potential peak value, is now at $5,699. This suggests that ETH might struggle to surpass this price region in the near term, making further significant price increases more challenging.

Read more: How to Invest in Ethereum ETFs

This decline in Ethereum’s potential price increase could be linked to dwindling investor interest in the asset, especially when compared to Bitcoin.

For instance, Bitcoin ETFs have seen $1 billion in inflows within just three days this week, signaling strong institutional interest. In contrast, Ethereum ETFs only garnered $5 million on October 17, highlighting that institutional investors are favoring Bitcoin over Ethereum. 

Moreover, this sentiment seems to have extended to retail investors in the US. According to CryptoQuant, the Coinbase Premium Index, which tracks buying and selling pressure, has recently dropped into the negative region. This shift indicates that more investors are selling ETH rather than buying, reflecting a bearish outlook for the altcoin.

ETH Price Prediction: Retracement Still Looms

Ethereum currently trades in a similar pattern to the price action in May and November 2021. On the weekly chart, whenever this happens, ETH’s price falls by double-digits. For example, in May of the mentioned year, the altcoin dropped by 52%.

With a similar technical setup, it declined by 45% by November. Currently, ETH has been banking on the $2,455 support to prevent such an occurrence again. However, the low trading volume suggests that the cryptocurrency might fail to hold the support for long.

Read more: How to Buy Ethereum (ETH) With a Credit Card: Complete Guide

If that happens, then ETH’s price could decrease to $2,186.  On the flip side, if investors’ interest in Ethereum picks up, this prediction might not come true. Instead, ETH could jump to $3,814 in the mid to long-term.

This week has seen a resurgence in trading activity, with a notable 10% increase in the global crypto market capitalization. As a result, large coin holders, also known as whales, have started accumulating certain coins.

Bitcoin (BTC), Notcoin (NOT), and Dogecoin (DOGE) have emerged as their top choices.

Bitcoin (BTC)

BTC currently trades at $67,871, noting an 11% price uptick over the past week. As the leading coin approaches its all-time high, BTC whales have steadily increased their coin holdings.

Over the past seven days, crypto whales that hold between 10,000 and 1,000,000 coins have added 20,000 coins valued above $1.35 billion at current market prices. This cohort of BTC investors currently holds 3.05 million coins.

Read more: Where to Trade Bitcoin Futures: A Comprehensive Guide

If this accumulation trend continues, the king coin will successfully breach the resistance at the $68,000 price region and rally toward reclaiming its all-time high of $73,750.

Notcoin (NOT)

Telegram-linked Notcoin is another coin crypto whales bought this week. According to IntoTheBlock, its large holders’ netflow has skyrocketed by over 2,000% over the past seven days.

Large holders are whale addresses that hold over 0.1% of an asset’s circulating supply. Their netflow measures their buying and selling activity.

When it spikes like this, whales have accumulated more coins. Conversely, a decline suggests that these addresses have sold their coin holdings. 

Read more: 10 Best Altcoin Exchanges In 2024

Dogecoin (DOGE)

Leading meme coin Dogecoin (DOGE) is another crypto asset that has caught the attention of crypto whales this week. According to IntoTheBlock’s data, the coin’s large holders’ netflow has climbed by over 2,200%. As of October 17, this totaled 527 million DOGE (approximately worth $71.46 million), representing its highest since the beginning of the month. 

Read more: Dogecoin (DOGE) Price Prediction 2024/2025/2030

The recent surge follows a double-digit increase in the value of the leading meme coin over the past week. Currently trading at $0.13, Dogecoin has rallied 23% during this period, making it one of the top-performing large-cap meme coins by market capitalization.

Goatseus Maximus (GOAT), a Solana meme coin, has captured the attention of crypto whales following a 260% price surge over the past 30 days. On October 15, GOAT’s price was $0.10.

As of this writing, the meme coin’s value is $0.40.  The rapid rise in GOAT’s value suggests that it could be a key player in the meme coin space. But how far can these large investors take it?

Whales Buy the New Shiny Solana Meme Coin

According to Lookonchain, a crypto whale purchased $4 million worth of GOAT tokens on Binance. This isn’t the first time the investor has shown confidence in the Solana meme coin. 

Previously, addresses linked to the same whale revealed a $3.07 million investment in over 10 million GOAT tokens. Typically, when whales make significant investments in a token, it creates a ripple effect, attracting more retail investors to buy in. 

However, the opposite is also true—when whales dump their holdings, retail investors often follow, leading to sharp price declines. In the case of the meme coin, the whale’s consistent large-scale purchases are driving speculation of a sustained price increase. If this accumulation continues, then the meme coin might evade a drawdown.

Read more: How to Buy Solana Meme Coins: A Step-By-Step Guide

Beyond that, on-chain data from Santiment reveals a massive spike in GOAT’s social dominance, a key indicator of rising interest. 

High social dominance often correlates with higher price values. This is because increased online discussions typically lead to greater demand for a token. When social dominance is low, however, conversations about the meme coin diminish, signaling waning investor interest.

Given GOAT’s current surge in social dominance, there’s a strong likelihood that the price could continue to rise as more attention and demand builds.

GOAT Price Prediction: 15% Increase Coming

A closer look at the 4-hour technical setup for Goatseus Maximus suggests that the meme coin has significant potential for further gains. The token has established a strong support level at $0.30, which has held firm. 

Prior to this, bulls successfully defended the $0.20 zone, which played a crucial role in driving GOAT’s price up to $0.40. Given the current trend, bulls still appear to be in control, and as long as this momentum is maintained, GOAT could potentially rally even higher.

Read more: 7 Hot Meme Coins and Altcoins that are Trending in 2024

Specifically, GOAT could see a 16% climb, reaching a potential price of $0.46. However, late buyers should be cautious, as any profit-taking by whales could invalidate this prediction. If whales decide to book profits, GOAT’s price might experience a pullback to the $0.30 support level.