Ethereum Rally: Crypto Analysts Outline 3 Key Drivers For Price
05 Februar 2024 - 3:00PM
NEWSBTC
Ethereum (ETH), the second largest cryptocurrency asset, is
anticipated by several well-known analysts in the crypto industry
to undergo a price surge in the upcoming months as the market is
seeing a wave of bullish momentum. Ethereum Poised To Go Parabolic
In The Upcoming Months Altcoin Daily crypto analysts have revealed
three major factors that could propel the price of Ethereum in the
coming months. The analysts shared their optimistic insights for
ETH in a recent episode – “Ethereum price is still ready to
explode” on YouTube. Related Reading: Ethereum to $20,000: Analyst
Sees Spot Ethereum ETFs Fueling Bull Run According to the Altcoin
Daily analysts, Ethereum is expected to reach $4,000 in the next
three to six months from now. One of the major drivers noted by the
analysts to take the price to this level is the impending “Ethereum
Beacon Upgrade.” In the video, they highlighted that the upgrade is
the last big update for ETH, which is scheduled to go live in Q1 of
2024. Its primary goals are to lower transaction fees and improve
layer 2 solution efficiency. Additionally, the Ethereum Beacon
upgrade promises a refined user experience. This is an important
step forward toward creating a blockchain network that is more
accessible and scalable. They pointed out that the update’s final
test net is set to take place on Wednesday, February 7. Meanwhile,
its overall mainnet roll-out is just one month away from going
live. For the second key factor, the experts have identified the
hype surrounding the approval of Ethereum Spot Exchange-Traded
Funds (ETFs). “I do want to be clear here the catalyst we are
talking about is the anticipation of the ETH spot ETFs,” one
analyst stated. Although Ethereum futures have already garnered
global permission, the analysts point out that the approval of the
ETFs might signal a significant trigger for Ethereum’s long-term
price growth. Notable Shift From Bitcoin To ETH According to
the experts, the anticipation surrounding its potential approval is
expected to drive ETH’s price to $4,000, akin to the excitement
surrounding Bitcoin ETFs in 2023. In addition, they underscored
that the BTC ETFs approval is one reason why the US Securities and
Exchange Commission (SEC) can not disapprove the ETH ETFs.
Related Reading: Ethereum ETFs Approval Date Set For May 23,
Forecasts Suggest ETH Could Reach $4,000 If this is right, then ETH
is very close to reaching the aforementioned price level. This is
because the final date for ETFs approval is only 112 days from
now. Meanwhile, the last key factor highlighted by Altcoin
Daily is the “Bitcoin rotations after halving towards the rest of
the ecosystem.” After the upcoming Bitcoin halving event, there
might be a possible fund rotation from BTC to ETH. Altcoin Daily
also mentioned a possible sell-the-news scenario post-halving that
could lead to a cooldown. As a result, Ethereum might take
advantage of it and become the dominant player in the crypto
market. Ethereum is currently trading a little above $2,300,
indicating a 1.23% rise in the past 24 hours. Its market cap is
demonstrating the same increase, while its trading volume is up by
over 41% in the past day. Featured image from iStock, chart from
Tradingview.com
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