Ethereum Aims For $10000, Driven By 2 Key Factors, According To Experts – TradingView

Posted: March 9, 2024 at 2:39 am


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Ethereum is emerging as the vanguard for a revolutionary financial system. Advocates of the second most valuable blockchain extol the virtues of smart contracts, envisioning a future marked by market transparency, tokenized funds, and expeditious settlement times.

At the time of writing, Ether was trading at $3,780, up 2% and 8% in the daily and weekly timeframes, data from Coingecko shows.

Ethereums Untapped Institutional Potential

Experts argue that Ethereum is yet to undergo its institutionalized hype cycle, lagging behind the fervor witnessed by Bitcoin.

Robby Greenfield, the visionary co-founder and CEO of Umoja Labs, foresees a significant uptick in institutional interest in Ethereum, particularly fueled by the impending Bitcoin halving and the cascading inflows from Bitcoin ETFs.

Greenfields bold prediction places Ethereum on a trajectory to narrow the gap with Bitcoins gains, asserting that the cryptocurrency could surpass the $10,000 milestone this year.

Institutional investors, he believes, will play a pivotal role in propelling Ethereum to new heights, bringing about a surge in buying pressure.

Regulatory Crossroads: The SECs Stance On Ethereum ETFs

While optimism runs high, the path to Ethereums ascendancy is not without regulatory hurdles.

The US Securities and Exchange Commission, led by Chair Gary Gensler, may adopt a cautious approach toward approving an Ethereum ETF, unlike the relatively smoother approval process witnessed with Bitcoin ETFs.

Genslers hesitance stems from a history where the SEC reluctantly gave the nod to Bitcoin ETFs after a legal battle with Grayscale.

The SEC is set to scrutinize Ethereum ETF applications, including those from financial giants BlackRock and Fidelity, in May.

Despite industry expectations, the approval odds vary, with Polymarket estimating a 43% likelihood and JPMorgan offering a more optimistic 50% chance.Ethereums Catalyst: The Dencun Upgrade

JPMorgan highlights a potential catalyst for Ethereums growththe Dencun upgrade. Crafted to enhance scalability by reducing costs for various rollup solutions, this upgrade facilitates the batching of crypto transactions into smaller data chunks settled on the Ethereum network.

Unlike Bitcoins programmed scarcity with a capped token supply of 21 million, Ethereums supply remains infinite, presenting a unique dynamic in the crypto landscape.

Eugene Cheung, Bybits head of institutions, underscores the positive implications of the Dencun upgrade for Ethereum supporters.

With layer 2 solutions built on top of Ethereum, the blockchain is evolving into a settlement layer for a novel digital infrastructure spanning gaming, trading, and investing.

In the eyes of some, the looming decision on Ethereum ETFs is just the opening act.

Bloomberg ETF analyst Eric Balchunas dismisses an Ethereum ETF as small potatoes, characterizing it as an underwhelming prelude to more substantial developments within the crypto sphere.

Featured image from Pexels, chart from TradingView

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Ethereum Aims For $10000, Driven By 2 Key Factors, According To Experts - TradingView

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March 9th, 2024 at 2:39 am

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