A popular cryptocurrency analyst has recently shared an optimistic Ethereum ($ETH) price prediction, suggesting the second-largest cryptocurrency by market capitalization could soon surge to $4,500.
Crypto analyst Michaël van de Poppe pointed out in a post on the microblogging platform X (formerly known as Twitter) that investment capital is shifting from Bitcoin ($BTC) to ETH, indicating a strong upward momentum for Ethereum.
This shift comes during a period in which Ethereum and Layer-2 tokens are outperforming the wider cryptocurrency market. According to CCData, Layer-2 tokens were only outperformed by tokens focusing on artificial intelligence so far this month.
The increase in Ethereum’s price is partly fueled by anticipation surrounding the potential launch of a spot Ether exchange-traded fund (ETF) in the United States, after several leading financial institutions, including Franklin Templeton, BlackRock, and Fidelity, have filed to launch these funds that would allow investors to gain exposure to ETH without managing a wallet. Investment firm Bernstein predicted near-certain approval for the launch of spot ETH ETFs.
Standard Chartered Bank has reportedly has predicted that the U.S. Securities and Exchange Commission (SEC) will approve spot Ethereum exchange-traded funds (ETFs) by May 23, 2024, while seeing ETH’s price surge to $4,000.
On top of all this, Ethereum is nearing its proto-danksharding upgrade, which is set to help dramatically reduce transaction costs on the network. The upgrade has gone live on three testnets and is set to go live on the mainnet around March 13.
Other industry experts, have also shared bullish predictions for ETH, with Ethereum community member and investor Ryan Berckmans suggesting it could surge to $27,000 per token. Analyst Ali Martinez suggested ETH could trade at $3,500 after breaking out of a key pattern.
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