According to CoinDesk, while Bitcoin has been dominating headlines recently, Ether could more than double its current price in 2024, according to Juan Leon, a crypto research analyst at asset manager Bitwise. Leon believes Ether could reach $8,000 to $10,000 this year, with the upcoming Dencun upgrade and excitement around spot ETF applications acting as key catalysts. The Dencun upgrade, set to take place this month, will make transactions cheaper on layer 2 networks, potentially attracting mainstream consumer demand for Ethereum. Leon expects the positive sentiment to occur weeks and months after the upgrade as its effects take place.
Another catalyst for Ether's potential price increase is the spot Ether exchange-traded fund (ETF) applications, with a regulatory decision deadline approaching in May. While the odds for approval are not as clear as they were for spot Bitcoin ETFs earlier this year, the possibility will bring excitement to Ether. Leon estimates a 50%-60% chance for approval, but believes it will happen 'sooner or later.' An approval would boost Ether's appeal among more conservative, institutional investors, similar to the strong investor demand seen for the new spot Bitcoin ETFs launched in January. Factors such as Ether's deflationary supply, the restaking boom led by EigenLayer, and increasing decentralized finance (DeFi) activity also support higher prices for ETH, according to a report by broker firm Bernstein last month.
