Crypto analyst Michaël van de Poppe has predicted a bullish run for Ethereum ETH/USD in the next three to six months, amid the scheduled final “Dencun” upgrade and anticipation of a spot Ethereum ETF (exchange-traded fund.)
What Happened: Van de Poppe forecasted that Ethereum could reach $3,500-4,000 in the forthcoming three to six months, translating to a 72% upside compared to the current prices.
He cites the Dencun upgrade’s final testnet on Feb. 7, the Ethereum Spot ETF hype, and Bitcoin (BTC) rotation after halving towards the rest of the ecosystem as contributing factors to this prediction.
While the SEC has approved spot Bitcoin ETFs, Ethereum’s classification as a security or commodity is still a matter of debate. The potential approval of Ethereum ETFs could contribute to a potential 72% bull run in the cryptocurrency’s prices.
“The time for Ethereum is on the horizon,” Van de Poppe added, noting that the reversal of more than a two-year-old trend will be “impactful.”
Why It Matters: According to Bloomberg Intelligence ETF analyst James Seyffart, there is a 60% chance of Ethereum ETFs launching in 2024. If his prediction holds, Ethereum could experience a monumental surge in value, further reinforcing Van de Poppe’s prediction.
Until there is more clarity on Ethereum ETFs, though, traders are reportedly showing a preference for King Crypto Bitcoin BTC/USD.
Furthermore, Ethereum co-founder Vitalik Buterin has mentioned the potential integration of AI with cryptocurrency, with trading bots on blockchain-based exchanges as an established example of AI’s involvement in the crypto space. This development could further influence Ethereum’s price.
ETH Price Action: Ethereum was trading at $2,322.72 at the time of writing, gaining 0.67% in the past 24 hours.
Disclaimer: This content was partially produced with the help of Benzinga Neuro and was reviewed and published by Benzinga editors.
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