Ethereum bulls are gearing up for a potential breakout in 2024. A key technical indicator, the Mayer Multiple, is hinting at a surge towards the $5,400 mark this year. This metric compares Ether's current price with its 200-day moving average, gauging whether the asset is overbought or oversold.

The analysis, shared by CryptoQuant analyst Binhdangg, suggests Ether could even surpass $5,400 in a "high-risk scenario." However, experts at Bitfinex believe the indicator's upper band might be significantly higher by the time the price reaches those levels. They anticipate a cyclical movement, with Ether oscillating between overbought and oversold zones.

Currently trading around $3,500, Ether sits roughly 27% below its all-time high of $4,891. But sentiment remains optimistic. Over 62% of participants on the Polymarket prediction platform now expect Ether to reclaim its peak in 2024, a significant increase from 45% just a month ago.

The upcoming Dencun upgrade is another factor fueling bullish hopes. Bitfinex analysts believe it could unlock fundamental value for Ethereum, potentially pushing the ETH/BTC ratio back to 2021 bull market levels. This could translate to an Ether price of around $5,900, considering Bitcoin's current market value. However, similar to the Mayer Multiple's upper band, this target could be adjusted upwards by the time the ratio reaches that level.

The potential approval of a spot Ether ETF remains a major wildcard. While it could significantly boost Ether's price in the short to medium term, regulatory hurdles are present. Recharge Capital founder John Lo anticipates stricter scrutiny from the SEC compared to the recent Bitcoin ETF approvals. The decision on VanEck's Ether ETF application has been pushed back to May 23rd, along with applications from Hashdex and ARK 21Shares. All three applications have a final deadline for a decision in late May.