Van de Poppe identified several contributing factors that could fuel the growth of ETH. One such factor is the imminent Dencun update on the testnet. Furthermore, a decrease in mining rewards on the Bitcoin network could positively impact the price of Ether, as a rising Bitcoin market tends to uplift other major altcoins.
The hype surrounding spot ETFs for Ether is also anticipated to significantly influence its growth. While the US Securities and Exchange Commission (SEC) has already approved exchange-traded funds for Bitcoin, there is still uncertainty around categorizing Ether as either a commodity or security. The potential approval of an ETF for Ether could potentially increase its value by 72%.
“The anticipated turnaround is on the horizon. With ETH experiencing a downtrend for the past 2.5 years, a reversal will have substantial impact,” shared cryptanalyst X on social media.
Bloomberg Intelligence ETF analyst James Seyffart recently suggested that the SEC is unlikely to classify Ether as a security. The probability of the regulator approving the launch of spot ETFs for Ether in 2024 is estimated at 60%. If this were to occur, the second-largest cryptocurrency could experience tremendous growth.
Last week, SEC Commissioner Hester Peirce assured that crypto companies would not need to litigate against the agency in order to secure approval for exchange-traded funds linked to Ether.