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ethereum price is up 5% in the last 24 hours to trade for $2,281 as of 4:40 am EST despite a 5% drop in trading volume.
Analysts at one of the world's largest banks have said that eth could overtake bitcoin and other cryptocurrencies by 2024.
ethereum Price Gains Strength as JPMorgan Analysts Express Optimism for eth
Analysts led by Nikolaos Panigirtzoglou said that 2024 will be the year in which Ether “reasserts itself” and “regains market share within the crypto ecosystem.” According to the note, experts support their thesis with the EIP-4844 update or the Protodanksharding event.
ethereum Expected to Outperform bitcoin Next Year: JPMorgan.https://t.co/KhvDyl8IDwethereum?src=hash&ref_src=twsrc%5Etfw”>#ethereum bitcoin?src=hash&ref_src=twsrc%5Etfw”>#bitcoin #Altcoin #CryptocurrencyNews nft?src=hash&ref_src=twsrc%5Etfw”>#nft #web3 #blockchain #CryptoMarket pic.twitter.com/9TZ2qgPqzB
– CryptosHeadlines.com (@CryptosHeadline) December 14, 2023
Scheduled for the first half of 2024, Protodanksharding is an update that is expected to improve the activity of the ethereum network.
It will mark the first step towards the full implementation of Danksharding, which is the advanced form of sharding for the ethereum network.
Specifically, this update will avoid the complexities of splitting ethereum into multiple shard chains and use a better approach.
It will integrate data blobs, which are essentially temporary data packets attached to blocks, which have more data carrying capacity compared to blocks, although they are not permanently stored or accessed by the ethereum Virtual Machine (EVM).
Interestingly, the benefits of this upgrade on the ethereum chain will also extend to Layer 2 (L2) tokens. Arbitrum (ARB) and Optimism (OP), two of the largest L2s, will be the first to benefit from the upgrades, according to analysts.
The two L2 networks will enjoy better network performance thanks to more data storage space. L2s will also enjoy reduced transaction fees when using the ethereum chain.
Therefore, according to analysts, this upgrade will help ethereum price outperform its peers in the crypto market.
ethereum Price Outlook as Analysts Expect Optimism for eth
The price of the largest altcoin by market capitalization remains broadly bullish, moving between the upper band of the Bollinger indicator at $2,425 and the center line at $2,194. Furthermore, it remains within the boundaries of an ascending parallel channel, which is a bullish technical formation. These accentuate the bullish outlook.
Further buying pressure above current levels could cause ethereum price to extend north, shifting the midline of the ascending channel from a resistance to a support floor above the $2,293 level. In a highly bullish case, gains could extend further for Ether market value to reach the range high of $2,403. Such a measure would constitute a 5% increase above current levels.
The Relative Strength Index (RSI) supports the bullish thesis and moves north to show that momentum is increasing. Similarly, the Awesome Oscillator (AO) remains in positive territory to show that the bulls still have the upper hand.
Conversely, if selling pressure increases, the bears could take back the market, a likely outcome given that this group of traders already has one foot in the market. Evidence of this is seen in the red bars of the AO histogram as they continue to reduce their volume.
If the bears weigh in, ethereum price could fall below the key support at $2,147, exposing Ether's market value to a cliff. To confirm the continuation of the downtrend, the price must break and close below the midline of the supply zone that now acts as a bullish breakout.
Such a move would expose ethereum price to a cliff, likely sending it to the depths of $1,935, below which the bullish thesis would be invalidated.
GIOM On-Chain Metric Supports ethereum Price Advantage
The Global In/Out of the Money (GIOM) on-chain metric supports the bullish outlook for ethereum price, showing that it had solid downside support compared to the overall pressure.
The region between $1,936 and $2,171 is vital for Ether, and any effort to lower the price of ethereum would be offset by buying pressure from 5.53 million addresses that had previously purchased approximately 40.13 million eth tokens at an average price of $2,029.
Returning to the JPMorgan analysts, the sleuths also addressed the approval of spot exchange-traded funds (ETFs) and the btc halving, scheduled for January and April respectively.
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