Ethereum Bull Run Predicted as Final Upgrade and ETF Hype Builds Momentum
Crypto analyst Michaël van de Poppe has made a bold prediction for Ethereum’s future, forecasting a bullish run for the cryptocurrency in the next three to six months. This comes as the final “Dencun” upgrade is scheduled and anticipation grows for a spot Ethereum ETF (exchange-traded fund).
Van de Poppe predicts that Ethereum could reach $3,500-4,000 in the coming months, representing a 72% upside from current prices. He points to several factors contributing to this prediction, including the final testnet for the Dencun upgrade on February 7, the hype surrounding Ethereum Spot ETFs, and a potential rotation of Bitcoin towards the rest of the cryptocurrency ecosystem after its halving.
While spot Bitcoin ETFs have been approved by the SEC, Ethereum’s classification as a security or commodity is still a matter of debate. The approval of Ethereum ETFs could potentially trigger a significant bull run in the cryptocurrency’s prices.
Bloomberg Intelligence ETF analyst James Seyffart believes there is a 60% chance of Ethereum ETFs launching in 2024. If this prediction holds true, Ethereum could experience a monumental surge in value, further supporting Van de Poppe’s forecast.
However, until there is more clarity on Ethereum ETFs, traders reportedly prefer Bitcoin as their cryptocurrency of choice. This preference stems from the uncertainty surrounding Ethereum ETF approval.
In addition to these developments, Ethereum co-founder Vitalik Buterin has mentioned the potential integration of artificial intelligence (AI) with cryptocurrency. He specifically highlighted trading bots on blockchain-based exchanges as an example of AI’s involvement in the crypto space. This integration could further influence Ethereum’s price.
At the time of writing, Ethereum is trading at $2,322.72, with a 0.67% gain in the past 24 hours.
It is important to note that this article was partially produced with the help of Benzinga Neuro, a content production tool. The content was reviewed and published by Benzinga editors.
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