Ethereum Targets $3,800-4,500 Amid Bullish Analyst Signals

Renowned crypto analyst Michaël van de Poppe recently shared some bold predictions regarding Ethereum’s path, indicating that the popular cryptocurrency might soar. His analysis showed that Ethereum could surge to $3,800-$4,500, thus exceeding the current price levels. According to the analyst, this is a “massive period to be rotating from Bitcoin towards Ethereum.”

#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’s forecast comes in the wake of recent spikes in the price of Ethereum. In the last seven days, ETH surged by 9% and by 17.5% within one month. On the other hand, related cryptocurrencies to Ethereum have experienced high gains as MATIC and OP surged by 5% and 6%, respectively.

In addition to his price forecasts, Michaël van de Poppe mentions a trend of funds moving from other cryptos into Ethereum, the latter of which went to nearly $3,000. That indicates confidence in his investment strategy, so he tilts his portfolio towards ETH.

The rotation towards #Ethereum seems to be happening.

It’s up to close to $3,000, while the rest lags behind.

Happily skewed with my portfolio towards $ETH for the coming period.

— Michaël van de Poppe (@CryptoMichNL) February 19, 2024

Moreover, Michaël van de Poppe points out factors such as the upcoming upgrade of DenCun and the likelihood of a temporary price peak of Bitcoin power ETH. This makes one wonder whether ETH will ever attain a certain ratio concerning Bitcoin, at least when those two occurrences occur simultaneously.

Some experts, such as Tom Crown (CEO of Crown Analysis), believed that the uptick might persist in the upcoming days and projected the surge of ETH to $3,300 before the end of February.

Prediction: Ethereum at $3,300 in Feb

— Tom Crown (@TomCrownCrypto) February 19, 2024

Ethereum Price Surge Predicted on Dencun Upgrade

Another X (formerly Twitter) user, Altcoin Gordon, set the price tag at $11,250 to be reached by the end of the ongoing year. However, according to the analyst, an upcoming upgrade for Ethereum called Dencun, or a temporary peak for BTC, could further support the current position of strength in Ethereum’s Etherets.

Price targets for end of 2024

BTC $98,750
ETH $11,250
ADA $27
LINK $111
COTI $3.27
ETHEREUM $9,800
XRP $0.47
USDT $1.40

Too bullish or not bullish enough? 👀🤔

— Gordon (@AltcoinGordon) February 9, 2024

The Dencun upgrade addresses Ethereum’s limitations in transaction speed and cost. With this concept of breaking the network data into smaller “shar” s,” the” overall computation throughput over the Ethereum network would increase, making it a much more competitive platform than faster networks like Solana.

Vitalik Buterin underscored the Dencun upgrade as a significant development for Ethereum and its accompanying Layer-2s. Meanwhile, Buterin added that Dencun will go a long way toward rolling out the welcome mat for Ethereum while improving scalability and slashing transaction costs.

In addition to updating Duncen to support ETH, Integrating Verkle trees on the Ethereum blockchain is expected to streamline Ethereum nodes’ storage needs. This will maintain their block validation capabilities, enhancing efficiency and decentralization within the network.

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