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Ethereum Rally: Crypto Analysts Outline 3 Key Drivers For Price
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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

Ethereum Rally: Crypto Analysts Outline 3 Key Drivers For Price

Godspower Owie
Godspower Owie
1 year ago
3 mins read
Ethereum

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Ethereum (ETH), the second largest cryptocurrency asset, is anticipated by several well-known analysts in the crypto industry to undergo a price surge in the upcoming months as the market is seeing a wave of bullish momentum.

Ethereum Poised To Go Parabolic In The Upcoming Months

Altcoin Daily crypto analysts have revealed three major factors that could propel the price of Ethereum in the coming months. The analysts shared their optimistic insights for ETH in a recent episode – “Ethereum price is still ready to explode” on YouTube.

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Ethereum price rally spot ETH ETFs

Ethereum to $20,000: Analyst Sees Spot Ethereum ETFs Fueling Bull Run

1 year ago

According to the Altcoin Daily analysts, Ethereum is expected to reach $4,000 in the next three to six months from now. One of the major drivers noted by the analysts to take the price to this level is the impending “Ethereum Beacon Upgrade.”

In the video, they highlighted that the upgrade is the last big update for ETH, which is scheduled to go live in Q1 of 2024. Its primary goals are to lower transaction fees and improve layer 2 solution efficiency.

Additionally, the Ethereum Beacon upgrade promises a refined user experience. This is an important step forward toward creating a blockchain network that is more accessible and scalable. They pointed out that the update’s final test net is set to take place on Wednesday, February 7. Meanwhile, its overall mainnet roll-out is just one month away from going live.

For the second key factor, the experts have identified the hype surrounding the approval of Ethereum Spot Exchange-Traded Funds (ETFs). “I do want to be clear here the catalyst we are talking about is the anticipation of the ETH spot ETFs,” one analyst stated.

Although Ethereum futures have already garnered global permission, the analysts point out that the approval of the ETFs might signal a significant trigger for Ethereum’s long-term price growth.

Notable Shift From Bitcoin To ETH 

According to the experts, the anticipation surrounding its potential approval is expected to drive ETH’s price to $4,000, akin to the excitement surrounding Bitcoin ETFs in 2023. In addition, they underscored that the BTC ETFs approval is one reason why the US Securities and Exchange Commission (SEC) can not disapprove the ETH ETFs. 

Related Reading

Ethereum ETFs

Ethereum ETFs Approval Date Set For May 23, Forecasts Suggest ETH Could Reach $4,000

1 year ago

If this is right, then ETH is very close to reaching the aforementioned price level. This is because the final date for ETFs approval is only 112 days from now. 

Meanwhile, the last key factor highlighted by Altcoin Daily is the “Bitcoin rotations after halving towards the rest of the ecosystem.” After the upcoming Bitcoin halving event, there might be a possible fund rotation from BTC to ETH.

Altcoin Daily also mentioned a possible sell-the-news scenario post-halving that could lead to a cooldown. As a result, Ethereum might take advantage of it and become the dominant player in the crypto market.

Ethereum is currently trading a little above $2,300, indicating a 1.23% rise in the past 24 hours. Its market cap is demonstrating the same increase, while its trading volume is up by over 41% in the past day.

Ethereum
ETH trading at $2,319 on the 1D chart | Source: ETHUSDT on Tradingview.com
Featured image from iStock, chart from Tradingview.com
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Godspower Owie
Godspower Owie

Godspower Owie

My name is Godspower Owie, and I was born and brought up in Edo State, Nigeria. I grew up with my three siblings who have always been my idols and mentors, helping me to grow and understand the way of life.

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My parents are literally the backbone of my story. They’ve always supported me in good and bad times and never for once left my side whenever I feel lost in this world. Honestly, having such amazing parents makes you feel safe and secure, and I won’t trade them for anything else in this world.

I was exposed to the cryptocurrency world 3 years ago and got so interested in knowing so much about it. It all started when a friend of mine invested in a crypto asset, which he yielded massive gains from his investments.

When I confronted him about cryptocurrency he explained his journey so far in the field. It was impressive getting to know about his consistency and dedication in the space despite the risks involved, and these are the major reasons why I got so interested in cryptocurrency.

Trust me, I’ve had my share of experience with the ups and downs in the market but I never for once lost the passion to grow in the field. This is because I believe growth leads to excellence and that’s my goal in the field. And today, I am an employee of Bitcoinnist and NewsBTC news outlets.

My Bosses and co-workers are the best kinds of people I have ever worked with, in and outside the crypto landscape. I intend to give my all working alongside my amazing colleagues for the growth of these companies.

Sometimes I like to picture myself as an explorer, this is because I like visiting new places, I like learning new things (useful things to be precise), I like meeting new people - people who make an impact in my life no matter how little it is.

One of the things I love and enjoy doing the most is football. It will remain my favorite outdoor activity, probably because I'm so good at it. I am also very good at singing, dancing, acting, fashion and others.

I cherish my time, work, family, and loved ones. I mean, those are probably the most important things in anyone's life. I don't chase illusions, I chase dreams.

I know there is still a lot about myself that I need to figure out as I strive to become successful in life. I’m certain I will get there because I know I am not a quitter, and I will give my all till the very end to see myself at the top.

I aspire to be a boss someday, having people work under me just as I’ve worked under great people. This is one of my biggest dreams professionally, and one I do not take lightly. Everyone knows the road ahead is not as easy as it looks, but with God Almighty, my family, and shared passion friends, there is no stopping me.

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Reason to trust

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