eth-PREDICTION_CB.png” />
Renowned crypto analyst Michaël van de Poppe has made a bullish prediction for ethereum, suggesting that it could skyrocket to $4,500.
Van de Poppe believes ethereum is absorbing bitcoin's upward momentum as investment capital shifts toward eth. According to the analyst, this is a “huge period to rotate from bitcoin to ethereum.”
ethereum?src=hash&ref_src=twsrc%5Etfw” target=”_blank”>#ethereum It is on its way to $3,800-$4,500. pic.twitter.com/TfoBGloBsH
—Michaël van de Poppe (@CryptoMichNL) February 19, 2024
Van de Poppe's forecast comes amid the recent rise in the price of ethereum, which saw a 9% increase in seven days and 17.5% in a month. ethereum-related cryptocurrencies have also seen notable gains, with MATIC and OP rising 5% and 6%, respectively.
On Monday, eth hit $3,000, its highest level in almost two years, indicating an uptrend. The recent price surge could be attributed to growing optimism surrounding the possible approval of an ethereum spot ETF by the SEC, following in the footsteps of bitcoin.
Some experts, such as Tom Crown (CEO of Crown Analysis), believe The rally could continue in the coming days, predicting eth's rise to $3,300 before the end of February.
Another who outlined an optimistic scenario is Raoul Pal (co-founder and CEO of Real Vision). Earlier this month, he predicted that eth could rise as high as $20,000 during the next bull cycle, while btc could reach a staggering $250,000.
X (Twitter) user Altcoin Gordon was also quite optimistic. setting a price of $11,250 that will be reached at the end of the current year.
However, ethereum's current market strength could be further bolstered by the upcoming Dencun upgrade, or a short-term btc spike, according to the analyst.
ethereum Upgrades Could Increase eth Price
The Dencun upgrade aims to address ethereum's limitations in transaction speed and cost. By implementing sharding, a concept that involves breaking network data into smaller “chunks,” the update aims to increase overall computational performance on the ethereum network, making it more competitive with faster networks like Solana.
Vitalik Buterin highlighted the Dencun upgrade as a significant development for ethereum and the accompanying layers 2.
According to Buterin, Dencun is a big step toward making ethereum more “rollup-friendly” while improving scalability and reducing transaction costs.
In addition to the Dencun upgrade, the integration of Verkle trees into the ethereum blockchain is expected to streamline the storage needs of ethereum nodes while maintaining their block validation capabilities, improving efficiency and decentralization within the blockchain. grid.
Meanwhile, another factor that could boost the price of ethereum is the approval of a place in the eth ETF by the US Securities and Exchange Commission. Watch our recent video on the topic here:
The post ethereum Price Prediction: Will eth Reach $3,300 in February? appeared first on CryptoPotato.
