The second largest cryptocurrency by market capitalization, ethereum/ethereum–eth-has-left-circulation/#:~:text=According%20to%20data%20from%20Ultrasound,issued%20during%20this%20same%20timeframe.” rel=”nofollow noopener” target=”_blank”>ethereum, is the crypto token in focus as this crypto analyst has eleven reasons why it is “scheduled” to hit $10,000. Interestingly, one of the reasons he described turns out to be one of the ethereum/ethereum–eth-has-left-circulation/#:~:text=According%20to%20data%20from%20Ultrasound,issued%20during%20this%20same%20timeframe.” rel=”nofollow noopener” target=”_blank”>recent important talking points in the ethereum ecosystem.
Why ethereum will “easily” reach $10,000
in a mail On his X platform (formerly Twitter), prominent crypto analyst Altcoin Daily mentioned the deflationary state as one of the reasons why it will “easily” reach $10,000. This has been a major topic of conversation even as the amount of eth burned continues to exceed the amount issued.
This is undoubtedly a positive sign for the ecosystem, as is public knowledge. the effect that the token burns may have on the value of the tokens still in circulation. ethereum EIP-1559 Protocol Meanwhile, this current deflationary state is being blamed as more eth had to be burned due to the increase in transaction fees.
This significant increase in transaction fees has always been a major drawback of using ethereum. However, things could change very soon as transaction fees are expected to reduce significantly with the ethereum/upcoming-ethereum-upgrade-to-reduce-fees-details/” rel=”nofollow noopener” target=”_blank”>EIP4844 Update on the horizon. Altcoin Daily highlighted that there is another reason why eth will definitely reach $10,000. After this, more users could be added.
ethereum Layer 2 networks also continue to thrive with network activity in these blockchains on the rise. The analyst believes that the Success of these layer 2 networks. It will also influence the rise of eth to $10,000. More layer 2 networks and dApps are expected to be built on top of the ethereum network. This is another reason why $10,000 ethereum is “scheduled.”
<img decoding="async" class="aligncenter size-medium" src="https://technicalterrence.com/wp-content/uploads/2023/12/39Ethereum-at-10000-is-scheduled39-Analyst-gives-11-reasons-why" alt="Tradingview.com ethereum Price Chart” width=”3266″ height=”1530″/>
eth price continues to trade in a tight range | Source: ETHUSD on Tradingview.com
Everything about eth is bullish
Bitcoinist reported in September how ethereum had generated over $10 billion in revenue in 7 years. This was more impressive, considering that eth reached this milestone faster than major technology companies. The profitability of ethereum It's another reason why Altcoin Daily believes that eth hitting $10,000 won't be a problem at all.
eth had enjoyed an impressive run in the last bull run, reaching an all-time high of $4,891. Much credit was given to ethereum-defi-activities-on-a-roll-will-it-drive-a-bullish-price-surge/” rel=”nofollow noopener” target=”_blank”>The ethereum DeFi Landscape as the reason for the boom. For eth rising to $10,000, the crypto analyst is also betting that that will be a major influence as he noted that there are higher yields and higher betting ratios now.
In 2022, ethereum moved from a proof-of-consensus mechanism to a proof-of-stake. Certain key metrics have so far shown that the movement it has been disastrous for eth. However, Altcoin Daily points out that the fact that ethereum is more efficient energy is another bullish indicator for eth's journey to $10,000. The fact that There is no longer selling pressure from the miners. In his opinion, it also has a role to play.
Finally, Altcoin Daily highlighted that eth is a “SEC Safe Product” as one of the factors that make the path to $10,000 very possible. The SEC is also expected to approve the earring ethereum Spot ETF once you approve the bitcoin Spot ETFs. That is ethereum/ethereum-price-predictio-3500/” rel=”nofollow noopener” target=”_blank”>another event which he believes will influence ethereum's meteoric rise.
Featured image from WIRED, chart from Tradingview.com