7 months ago
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Ethereum could revisit the $4,000 mark in the coming months.
Ethereum’s Dencun upgrade, spot Ethereum ETFs’ hype, and the Bitcoin halving are three key catalysts that could significantly impact Ethereum’s price trajectory in 2024, crypto analyst Michaël van de Poppe predicted in a recent X post.
#Ethereum is still ready for $3,500-4,000 in the coming 3-6 months.
– Dencun upgrade -> final testnet February 7th.
– Ethereum Spot ETF hype.
– Bitcoin rotation after halving towards the rest of the ecosystem. pic.twitter.com/bs3W5WomMi
— Michaël van de Poppe (@CryptoMichNL) January 31, 2024
Poppe pointed to Ethereum’s Dencun upgrade as the first catalyst. The upgrade is expected to significantly boost the network’s transaction processing speed and reduce costs, improvements that are likely to attract more developers and users to the Ethereum ecosystem. This potential increase in adoption could positively impact Ethereum’s market value.
The second catalyst, according to Poppe, is growing anticipation for spot Ethereum ETFs. Seven firms, including BlackRock, ARK & 21 Shares, and VanEck, have submitted spot Ethereum ETF filings to the US Securities Exchange and Commission (SEC). The SEC faces a May 23 deadline to decide on VanEck’s filing.
Fueled by anticipation of a spot Bitcoin ETF approval, Bitcoin’s price surged from around $25,000 to over $46,000 between mid-June (BlackRock’s filing) and January (decision month), according to CoinGecko data. This past excitement lays the groundwork for similar potential with spot Ethereum ETFs as anticipation builds around their approval.
The final catalyst identified by Poppe is the expected rotation of investment capital from Bitcoin to other crypto like Ethereum post-Bitcoin halving. Such a shift could spike demand for Ethereum, especially considering that the amount of Ethereum on exchanges has constantly decreased since the Merge, according to data from Santiment.
Ethereum supply on exchanges – Source: SantimentThis tightening of supply, coupled with the expected increase in demand, is viewed as a bullish indicator of Ethereum’s price.
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