Two prominent crypto analysts have predicted that the Ethereum (ETH) price will experience positive momentum this year, highlighting several points about Ethereum’s onboarding funnel.
Amid various speculative price fluctuations in Ethereum, there is a possibility that approval of an Ethereum spot exchange-traded fund (ETF) will become visible before the middle of this year.
These Ethereum Features Could Drive the Price Up
In a recent post on X (formerly Twitter), Vance Spencer, co-founder of cryptocurrency venture firm Framework Ventures, argued that layer 2 solutions integrated into the Ethereum platform will make it difficult for other blockchains to compete this year.
“It will be difficult to compete with the Ethereum onboarding funnel – Gaming L2 (IMX, Ronin) – Enterprise L2 (Base, Worldcoin) – Social L2 (Lens, Farcaster) – and all the (hundreds?) other L2 users pouring in tokens. To secure.”
Spencer predicts that they will all use ETH as their “base currency.”
DeFi Dad, a renowned cryptocurrency analyst, shared these insights with his 156,000 followers. He reiterates that this is one of many reasons to be optimistic about the price outlook for the upcoming upward cycle.
“This is one of the many reasons why we could see ETH soaring towards $20,000-$25,000 this cycle.”
At the time of publication, the price of Ethereum is $2,290. The DeFi dad’s prediction suggests that if it comes true, the price of Ethereum will skyrocket by 800% to 1,000%.
Read more: Ethereum (ETH) price prediction 2024/2025/2030
Latest Ethereum price speculation
BeInCrypto recently reported that Standard Chartered Bank expects the US SEC to approve a spot Ethereum ETF in May.
In addition, financial authorities believe that regulators will use the entire deadline to make a decision on May 23.
Read more: Solana and Ethereum: The Ultimate Comparison
Bitcoin experienced a price decline, including a drop of approximately 10%, following the announcement of the approval of the Bitcoin ETF.
However, this decline was mainly due to the significant number of investors selling GBTC shares.
Meanwhile, Standard Chartered research analyst Geoff Kendrick is optimistic that the scenario will be different for the Ethereum ETF.
He argues that the Ethereum Trust does not capture the same market share for Ethereum that the Bitcoin Trust did for Bitcoin.
disclaimer
In compliance with Trust Project guidelines, BeInCrypto is committed to unbiased and transparent reporting. These news articles aim to provide accurate and timely information. However, before making any decisions based on this content, readers are encouraged to check the facts and consult with experts. Our Terms of Use, Privacy Policy and Disclaimer have been updated.