Dencun Upgrade Completed, Spot ETF Applications Underway: Ethereum Price May Outperform Bitcoin in 2024

Photo of author
Written By Pinang Driod

The Ethereum platform held its word of honour by releasing the Dencun upgrade, which addresses one of the major issues, the rising transaction fees. With this, the major layer-2 chains like Optimism, Zora, zkSync, Starknet, Arbitrum, etc. have witnessed a huge drop in their transaction fees. The upgrade provided a layer called blobs, which is a transaction type offering a direct path to a fee reduction. More than 3000 blobs have been uploaded at the moment, which may invite healthy competition, which may again impact gas fees. 

Secondly, the applications for the Spot Ethereum ETF are in the process of being evaluated by the SEC. In the last week, Grayscale & Coinbase met with the regulatory commission to try and push forward the case for approval. Therefore, the approval, which is anticipated to happen in the next few months, is expected to have a potential impact on the entire crypto space. This development is expected to reshape regulatory perspectives and open doors for a broader acceptance of assets. 

Regardless of this, the ETH price consolidates below $4000, which appears to be heavily undervalued. Therefore, after the Bitcoin price rally settles, the second-largest token, ETH, is believed to thrive and outperform the star token in 2024. 

The ETH price is heavily consolidating along the lower support levels against USD, and also the BTC pair. However, the weekly ETH/BTC trade shows Ethereum is gaining strength against Bitcoin as the RSI remains incremental. This could enable the levels to rise along the lower support until it reaches the apex of the decisive symmetrical triangle. Once the token undergoes a breakout, the rally is expected to be unstoppable which may reach larger highs. 

Currently, the Ethereum price is trading just below $4000 at $3981, experiencing a minor drop of around 2.91%. However, the broader markets have jumped in favour of the star token, Bitcoin, due to which the other tokens, including ETH, are facing a minor bearish heat. Therefore, once the BTC bulls settle down, the Ethereum price may gain significant momentum and barge in to $4000 levels, probably during the weekend. 

SOURCE

Leave a Comment

AcUk AcUk AcUk AcUk AcUk AcUk AcUk AcUk AcUk AcUk AcUk AcUk AcUk AcUk AcUk AcUk AcUk AcUk AcUk AcUk AcUk AcUk AcUk AcUk AcUk AcUk AcUk AcUk