Ethereum is attracting attention as analysts and investors predict a major surge by 2024. This excitement is fueled by the upcoming network upgrade, known as the Dencun Upgrade, scheduled for January 2024. The upgrade aims to improve network efficiency, reduce transaction fees, and optimize the Ethereum ecosystem.
Additionally, the potential approval of Ethereum-based spot exchange-traded funds (ETFs) is seen as a catalyst for Ethereum’s growth. The approval of an Ethereum spot ETF could lead to widespread adoption and significant price appreciation, similar to the impact seen in other markets.
However, the path to ETF approval relies on regulatory processes, with the US Securities and Exchange Commission (SEC) taking its time to consider the proposed rule change. The crypto market awaits the SEC’s decision, expected in 2024.
Despite regulatory hurdles, Ethereum has exhibited resilience and growth. Over the past year, ETH’s value has increased by 88.2%, and recent trading periods show a continued upward trajectory. ETH recently experienced a 5.3% surge in the last 24 hours, trading at $2,346.
Renowned analyst CryptosRUs suggests that Ethereum may follow a similar price trajectory to Solana (SOL), which has soared by over 100% in the past month. CryptosRUs points out the possibility of ETH exhibiting a bull flag pattern as it approaches the network upgrade and potential ETF approval.
It is important to note that this article is for educational purposes only and does not constitute investment advice. Investors are advised to conduct their own research and consider the risks before making any investment decisions.