Cryptocurrency markets often see gains exceeding 500%, but such returns are quite ambitious for the top 10 altcoins. Even more ambitious is making such a prediction for the largest altcoin. Recently, a popular cryptocurrency analyst made such a forecast for the altcoin king, fueled by the excitement of a critical network update.
The Merge did not impact the price enough, but as the tough bear market is left behind, Ethereum’s price continues to hover near lows against BTC. More importantly, the $2,400 price level is starting to normalize, and a sudden rise could accelerate. Let’s keep in mind the upcoming spot Ethereum ETF decision on May 23 and the Bitcoin halving excitement as we look at the major update ahead.
The innovative proto-danksharding proposal introduces transactions that carry blobs. Thus, data will be stored outside the network, and the amount of data in the consensus layer will be reduced. The upcoming Ethereum Dencun upgrade is a move much more focused on price than other technical improvements.
Especially, the initiative that will significantly weaken the fees for Ethereum’s layer2 solutions will greatly increase network activity. A more than tenfold reduction in transaction fees will significantly push back the biggest advantage of Ethereum’s layer1 solution competitors, which are transaction fees. Lucas Outumuro, Director of Research at IntoTheBlock, wrote;
“This long-awaited upgrade is expected to reduce the costs of Ethereum’s L2s by at least tenfold, making Ethereum more scalable and efficient.”
Ethereum Price Prediction
Taking into account the current uptrend and the upcoming Dencun upgrade, the popular cryptocurrency analyst Wolf made an ambitious prediction. As mentioned in the first section, we will experience many significant developments in the coming months that will drive up risk markets, crypto, and Ethereum. There is a lot ahead, from interest rate cuts to Bitcoin halving and the excitement of the Spot Ethereum ETF.
“The chart for ETH is showing an incredibly bullish trend. Ignoring the clear 18-month accumulation phase reminiscent of previous cycles that resulted in significant gains would be a missed opportunity.”
According to him, the price of Ether could rise to as much as $14,000, nearly tripling its previous all-time high level.