Ethereum, the cryptocurrency with the second-largest market cap, has been one of the leaders in blockchain technology and decentralized applications since it was launched. With the forthcoming Ethereum Cancun upgrade set to improve the network’s efficiency and scalability, there have been endless debates in the crypto community. Investors and enthusiasts have become eager to know how this upgrade will impact the price and value of Ether (ETH) in the long term. This article discusses the potential price prediction for ETH in 2024 after the Ethereum Cancun upgrade and analyzes some factors that can influence its value according to market analysts.
An Overview of Ethereum (ETH)
Ethereum, the second most popular cryptocurrency, has made waves in the crypto space since its advent in 2013. This crypto put forward the whole idea of dApps and smart contracts, bringing a revolution to how humans use blockchain technology.
ETH is the native token of the Ethereum network and is indispensable for both transaction processing and remunerating validators. This makes it an important feature of the Ethereum ecosystem.
The Ethereum Cancun deneb (Dencun) upgrade
Predicted to be launched in the first half of 2024, the Ethereum Dencun upgrade will build on the solid foundations laid by past updates. Basically, the primary focus of this upgrade is to improve the Ethereum network’s general functionality, making it more efficient for developers and users.
The Ethereum network plans to leverage the Dencun upgrade to maintain its position as the leading blockchain for smart contracts and dApps.
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ETH price prediction 2024 after Ethereum Cancun upgrade
Below, we give a glimpse into the diverse predictions of different experts surrounding ETH’s price after the Cancun upgrade. However, note that this is just pure speculation and not a guaranteed price prediction. Therefore, it is important that you monitor the market trends yourself and carry out proper research before investing to avoid losses.
Now, let’s get down to it :
Bullish Predictions
Here are some notable bullish predictions of ETH’s price after the Cancun upgrade:
1. Anthony Sano, a prominent crypto analyst, predicts that ETH will reach $10,000 by 2024, basically emphasizing the Cancun upgrade potential to make the network attractive to institutional investors, thereby boosting adoption.
2. Credible Crypto, a reputable crypto influencer, takes a firm stance, predicting that ETH may reach a minimum of $10,000 with a tendency to even surpass $20,000 in 2024.
3. Cointelegraph predicts a 20-40% jump in the price of ETH a few months after the Cancun upgrade, emphasizing that this may basically be caused by the improved user experience and the possibility of lower fees.
4. The Chief Analyst of Bitget Research, Ryan Lee believes that ETH will rise above US $ 3,500.
Bearish Predictions
Here are some notable bearish predictions of ETH’s price after the Cancun upgrade:
1. Investing.com gives a bearish outlook, predicting that ETH’s price will hover around $2,000 in 2024.
2. Some crypto analysts also warn of a “buy the rumor, sell the news” situation, where ETH’s price might increase pre-upgrade but will potentially dip afterward. They claim that it may happen due to profit-taking done by early investors.
3. Michaël van de Poppe, a crypto analyst, anticipates a potential correction to roughly $1,900 which will be followed by an increase to $3,400-$3,800 in early 2024, indicating a more cautious perspective.
It’s important to note that numerous other predictions from experts exist, varying from highly optimistic to downright pessimistic. They are not guaranteed predictions or trading advice. Therefore, you need to conduct your own research before investing.
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Factors that may affect Ethereum price after the Cancun upgrade
Eventually, ETH’s actual price trajectory after the Cancun upgrade will depend on different factors, including:
1. Government regulations
Government policies and regulations surrounding cryptocurrencies can affect investor sentiment about ETH and ultimately, adoption.
2. Macroeconomic conditions
Global economic factors such as interest rates and inflation can greatly impact the general state of the cryptocurrency market.
3. Adoption and usage
The wider adoption and real-world use cases of Ethereum will also significantly influence its long-term value proposition.
Ultimately, although the Cancun upgrade is certainly going to benefit the Ethereum network, it is difficult to predict its exact impact on the price of ETH. Rather than solely depending on the predictions of experts in the industry, it is important to still conduct your own research before concluding. Remember to also consider your risk tolerance and practice responsible investment strategies before entering the market. Remember, investing in ETH or any other kind of cryptocurrency involves considerable risk and is not suitable for everyone.
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