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Home»ETHEREUM NEWS»Experts say Ethereum is targeting $10,000 thanks to two key factors.
ETHEREUM NEWS

Experts say Ethereum is targeting $10,000 thanks to two key factors.

By Crypto FlexsMarch 7, 20243 Mins Read
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Experts say Ethereum is targeting ,000 thanks to two key factors.
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Ethereum is emerging as the vanguard of innovative financial systems. Second-value blockchain advocates extol the virtues of smart contracts and envision a future characterized by market transparency, tokenized funds, and fast settlement times.

At the time of writing, Ether was trading at $3,780, up 2% and 8% on daily and weekly time frames, according to data from Coingecko.

Ethereum’s untapped institutional potential

Experts argue that Ethereum has yet to go through an institutionalized hype cycle and is lagging behind the enthusiasm witnessed by Bitcoin.

Robby Greenfield, visionary co-founder and CEO of Umoja Labs, predicts a significant increase in institutional interest in Ethereum, especially with the impending Bitcoin halving and the cascading influx of Bitcoin ETFs.

Greenfield’s bold prediction puts Ethereum on track to narrow Bitcoin’s gains, claiming the cryptocurrency could surpass $10,000 this year.

He believes that institutional investors will play a pivotal role in taking Ethereum to new heights, leading to a surge in buying pressure.

ETH price action in the last week. Source: Coingecko

Regulatory Crossroads: SEC’s Position on Ethereum ETFs

While optimism is rising, Ethereum’s path to dominance is not without regulatory hurdles.

The U.S. Securities and Exchange Commission (SEC), led by Chairman Gary Gensler, may adopt a cautious approach to approving an Ethereum ETF, unlike the relatively smooth approval process for Bitcoin ETFs.

Gensler’s hesitation stems from the SEC’s history of reluctantly approving Bitcoin ETFs following a legal battle with Grayscale.

Total crypto market cap is currently at $2.456 trillion. Chart: TradingView.com

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

Despite industry expectations, the likelihood of approval varies. Polymarket estimates the likelihood at 43%, while JPMorgan puts a more optimistic 50% chance.

Ethereum’s Catalyst: Dencun Upgrade

JPMorgan highlights Dencun upgrade as a potential catalyst for Ethereum’s growth. Built to improve scalability by reducing the cost of various rollup solutions, this upgrade facilitates batching cryptocurrency transactions into smaller chunks of data anchored on the Ethereum network.

Unlike Bitcoin’s programmed scarcity, which has a limited token supply of 21 million, Ethereum’s supply is infinite, creating a unique dynamic in the cryptocurrency landscape.

Bybit’s Institutional Director Eugene Cheung highlights the positive implications of the Dencun upgrade for Ethereum supporters.

With Layer 2 solutions built on top of Ethereum, blockchain is evolving into the payment layer for new digital infrastructures encompassing gaming, trading, and investing.

In the eyes of some, the upcoming decision on the Ethereum ETF is just the beginning.

Bloomberg ETF analyst Eric Balchunas dismissed the Ethereum ETF as “small potatoes,” characterizing it as an overwhelming prelude to more substantial developments in the cryptocurrency space.

Featured image from Pexels, chart from TradingView

Disclaimer: This article is provided for educational purposes only. This does not represent NewsBTC’s opinion on whether to buy, sell or hold any investment, and of course investing carries risks. We recommend that you do your own research before making any investment decisions. Your use of the information provided on this website is entirely at your own risk.

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