- The Ethereum network is poised for a significant bull run in 2024, according to analyst.
- Ethereum’s Dencun upgrade is expected to introduce a number of features that will improve network efficiency.
- Analyst stated that the potential spot ETF approval will also drive up ETH’s value.
Crypto analyst CryptosRUs predicted an explosive surge for Ethereum, claiming that ETH will be the next ecosystem to see exponential growth within weeks.
This bullish prediction is based on a combination of fundamental factors and technical indicators, suggesting that Ethereum’s entire ecosystem is primed to witness significant growth in 2024.
The analyst noted that Ethereum is scheduled to undergo another significant upgrade in January, which CryptosRUs believes will enhance ecosystem growth. The Dencun Upgrade is expected to come with features that reduce transaction fees on the Ethereum mainnet, limit the use of self-destruct operations on smart contracts, and enhance the performance of bridges and staking protocols.
Layer 2 projects built on Ethereum, like Optimism and Arbitrum, are expected to be major beneficiaries of this growth. The analyst claimed that the Dencun upgrade will directly address the congestion issues that have plagued Ethereum.
The approval of a spot ETF for Ethereum in 2024 could be another major catalyst for its increased adoption and price appreciation, CryptosRUs said. Coin Edition had reported earlier that a potential spot ETF approval for ETH might result in the market seeing trillions in locked capital inflows.
Regarding the network’s native token, ETH, CryptosRUs found that its recent price action has mirrored that of Solana’s (SOL), whose value has risen by over 100% in the last month.
“I am expecting $ETH to follow a similar path as $SOL, potentially forming a bull flag pattern heading into the upgrade in January and a potential spot ETF approval at some point in 2024-2025,” the analyst added.
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