Cryptocurrency prices are up today, with Bitcoin staying above $43,000 and popular altcoins also showing gains. Ethereum is holding steady above $2,300. Cryptocurrency analysts of the Altcoin Daily YouTube channel have pointed out three reasons why Ethereum’s price is poised for a significant surge in the coming months.
The first reason centers around Ethereum’s final significant upgrade, scheduled to go live in Q1 of this year. The Ethereum Beacon upgrade focuses on reducing transaction costs and enhancing the efficiency of layer two solutions.
With the final test net set for February 7th and the full roll-out on the mainnet just a month away, the upgrade promises a refined user experience, marking a crucial step toward a more accessible and scalable blockchain network.
The analyst stresses the anticipation surrounding the approval of Ethereum Spot ETFs, with the final deadline just 112 days away. While the approval is anticipated due to Ethereum futures already being approved globally, the analyst notes that the spot ETF approval could be a sign of an important catalyst for Ethereum’s long-term price growth.
The hype around this potential approval, similar to what was witnessed with Bitcoin ETFs in 2023, is expected to push Ethereum’s price to $4,000.
The third reason involves a potential rotation of funds from Bitcoin to Ethereum after Bitcoin’s upcoming halving event. Altcoin Daily suggests that while there might be a temporary cooldown in Bitcoin immediately after the halving, Ethereum could take center stage in the cryptocurrency market.
The analyst predicts a massive bull run for Ethereum, pointing out the ongoing interest in Ethereum staking, which has seen an increase in participants.
At the time of writing, Ethereum is trading at $2,300, down by more than one percent in the last 24 hours.