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Ether (ETH) has been overshadowed by Bitcoin (BTC) in recent months, but according to Juan Leon, a crypto research analyst at Bitwise, ETH could more than double in price in 2024. Leon predicts that ETH could surpass $8,000 or even $10,000 this year, driven by two major catalysts.
The upcoming Dencun upgrade in Ethereum will reduce transaction costs on layer 2 networks, potentially attracting mainstream consumer demand. Additionally, the prospect of spot ether exchange-traded fund (ETF) approvals, with a regulatory decision expected in May, brings excitement to the market. Despite uncertain approval odds, Leon estimates a 50%-60% chance and anticipates a boost in ether’s appeal among institutional investors.
Ether’s deflationary supply, staking surge led by EigenLayer, and growing decentralized finance (DeFi) activity also contribute to its bullish outlook. While Bitcoin recently achieved new all-time highs, ETH is still around 20% below its 2021 peak. However, historical trends suggest that ETH tends to rally after Bitcoin breaks new records, indicating potential for ETH to surge once BTC surpasses $69,000.
