Renowned crypto analyst Michaël van de Poppe has made a bullish prediction for Ethereum, suggesting that it could soar to $4,500. Van de Poppe believes Ethereum is soaking up Bitcoin’s upward momentum as investment capital shifts to ETH. According to the analyst, this is a “massive period to be rotating from Bitcoin towards Ethereum.”
Recent Surge in Price
Van de Poppe’s forecast comes amidst Ethereum’s recent surge in price, which saw a 9% increase in seven days and 17.5% in one month. Ethereum-related cryptocurrencies have experienced notable gains as well, with MATIC and OP surging by 5% and 6%, respectively. On Monday, ETH tapped $3K, its highest in nearly two years, signaling a bullish trend.
Some experts, such as Tom Crown (CEO of Crown Analysis), believe the upswing could continue in the following days, predicting ETH’s surge to $3,300 before the end of February. Another person who outlined an optimistic scenario is Raoul Pal (co-founder and CEO of Real Vision). Earlier this month, he forecasted that ETH could rise to as high as $20,000 during the next bull cycle, while BTC could hit the astonishing $250,000. The X (Twitter) user Altcoin Gordon was also quite bullish, setting a price tag of $11,250 to be reached by the end of the ongoing year.
However, Ethereum’s current market strength could be further bolstered by the upcoming Dencun upgrade, or a short-term peak of BTC, according to the analyst. The Dencun upgrade aims to address Ethereum’s limitations in transaction speed and cost. By implementing sharding – a concept involving breaking network data into smaller “shards” – the upgrade aims to increase the overall computation throughput on the Ethereum network, making it more competitive with faster networks like Solana. Vitalik Buterin underscored the Dencun upgrade as a significant development for Ethereum and its accompanying Layer-2s. According to Buterin, Dencun is a big step towards making Ethereum more “rollup-friendly” while enhancing scalability and reducing costs on transactions.
Integration of Verkle Trees
Besides the Dencun upgrade, the integration of Verkle trees on the Ethereum blockchain is expected to streamline Ethereum nodes’ storage needs while maintaining their block validation capabilities, enhancing efficiency and decentralization within the network.
Meanwhile, another factor that could increase Ethereum’s price is the approval of a spot in the ETH ETF by the US Securities and Exchange Commission. This move would provide further legitimacy to Ethereum as an investment asset and could attract more institutional investors to the market.
Ethereum’s future looks promising based on expert predictions and upcoming upgrades. With continued bullish sentiment and technological advancements, Ethereum could see significant growth in the coming months and years. Investors and traders will be closely monitoring these developments to capitalize on potential opportunities in the digital asset market.