Renowned crypto analyst Michaël van de Poppe has made a bullish price prediction for Ethereum, suggesting that ETH could soar beyond $3k in February.
#Ethereum is on its way towards $3,800-4,500. pic.twitter.com/TfoBGloBsH
— Michaël van de Poppe (@CryptoMichNL) February 19, 2024
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.”
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.
The recent price surge could be attributed to the growing optimism surrounding the potential approval of a spot Ethereum ETF by the SEC, following the footsteps of Bitcoin.
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.
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Prediction: Ethereum at $3,300 in Feb
— Tom Crown (@TomCrownCrypto) February 19, 2024
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.
Ethereum Upgrades Could Boost ETH’s Price
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.
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.
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