Ethereum’s trajectory set for $2,700, affirms analyst
A technical analyst predicts that Ethereum (ETH) will experience minimal price correction and has the potential to reach $3,000 in the near future. This is due to favorable tokenomics and the strong support that has been formed between the $1,900 and $2,020 price ranges, as indicated by the accumulation of almost 40 million ETH in nearly two million wallets.
Furthermore, Ethereum is expected to undergo significant technological upgrades, such as EIP-7514 and EIP-4844 (also known as proto-danksharding), which will enable more transactions at lower gas fees. These upgrades are included in Dencun and could be implemented before the end of the first quarter of 2024, according to crypto.news.
The introduction of spot ETH ETFs from prominent firms like BlackRock, Fidelity, Galaxy, Grayscale, and Invesco could also have a positive impact on Ethereum’s price. Similar to Bitcoin, ETH ETFs are expected to attract substantial capital and contribute to the growth of the top altcoin in the cryptocurrency market.
In fact, experts at JPMorgan Chase, the largest bank in the United States, believe that Ethereum could outperform Bitcoin in both the crypto and ETF markets.
Both Ethereum and Bitcoin experienced significant growth in 2023, with gains of over 90% as the overall cryptocurrency market became more bullish. According to TradingView data, BTC increased by approximately 158%, while ETH gained 93%.
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