Facing the arrival of a new year, experts are launching their predictions about what to expect from the price of the main cryptocurrencies on the market, including Ethereum.
Ethereum has had an exceptional performance this 2023, growing 80% in the last 12 months and reaching a price of $2.150 per ETH, at the time of this edition.
The native cryptocurrency of the pioneering smart contract network has been recovering strongly since October and, according to several experts, its price could explode next year.
The short and medium-term predictions of analysts, in relation to Ethereum, foresee that the cryptocurrency could reach up to $3.800 per unit. In the long term, analysts predict that the Ethereum price It could rise massively, reaching a value of up to $8.000 per token.
$3.800, ETH's target price for 2024
TradingView analyst FieryTrading predicts that ETH could reach a value between $3.600 and $3.800 per unit in the first half of next year. The analyst shared a chart on his social media, highlighting that Ethereum's native cryptocurrency has been maintaining a bullish pattern for the last year and a half and that breaking this pattern could mean greater gains in the future for the cryptocurrency.
Source: FieryTrading by TradingView
Like FieryTrading, Michaël van de Poppe believes $3.800 is on the horizon for Ethereum next year. The analyst and co-founder of MN Trading, forecast on their social networks that the price of ETH could correct up to $1.900 before rising exponentially, and establishing a new unit value between $3.400 and $3.800, in the first quarter.
JPMorgan is optimistic about the future of Ethereum
On the other hand, JPMorgan, one of the largest banks in the world, also believes that Ethereum could eclipse Bitcoin in 2024. In a report Recently, the bank noted that ETH will be the big winner next year and that it will begin to regain market share, as the roadmap and plans of its developers come to fruition.
JPMorgan predicts that the release of the update that will introduce proto-danksharding to Ethereum will drive its value upwards significantly, by allowing transactions at layer 1 to be processed with greater speed and efficiency and, with it, with fees of commission more accessible to all.
“While we are cautious about the broader crypto markets through 2024, we expect Ethereum to outperform Bitcoin and other cryptocurrencies next year, helped by the upcoming EIP-4844 or Protodanksharding update.”, the bank's analysts wrote.
JPMorgan strategist Nikolaos Panigirtzoglou, who said the ETH price was overvalued in 2021, recently noted that the impact of proto-danksharding on the network was not yet priced in, so the cryptocurrency could potentially rise, and even have a outperformance than Bitcoin, once you complete this upgrade.
Continue reading: Société Générale issues its first green bond on the Ethereum blockchain
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