What Changes are predicted for Ethereum in 2024?
There has been much hype surrounding the Ethereum 2.0 upgrade in 2024 through Cancun-Deneb as we discussed a couple of weeks ago.
Ethereum has become rather dated in the fast-moving industry of crypto. Indeed, their TPS (Transaction Per Second) has been lagging behind their competitors badly for some time now.
Forecasts for the process are that Ethereum will be fully functional in April. The final testing phase is taking a while because they are double-checking all possible scenarios that will affect the seamless introduction of Ethereum 2.0.
Ethereum Made Solid Gains at the End of 2023
If the changeover is without any hitches, then this will positively affect the price of the forgotten coin in cryptocurrency. The uplift in consciousness has already been piqued amongst investors and crypto betting sites as the price steadily rose before the end of 2023.
Accordingly, at the end of last year, Fiery Trading predicted:
“ETH has been trading inside a bullish triangle pattern for over 1.5 years. In my eyes, a breakout from this pattern might result in big gains for ETH since it will burst through an area full of short-trade stop-losses, which will be forced to buy back their positions.”
Ethereum (ETH) – Current Value: $2,541
Ethereum (ETH) – End of the Year Price:
- Over $2,800.5 (-130)
- Under $2,800.5 (-110)
*All odds from BetOnline (find out more with our BetOnline Review)
Shanghai Cappella Hard Fork Functioning well
Last year’s Shanghai and Capella Hard Fork that was added has played a positive role in the upswing of Ethereum. This upgrade enables an occurrence through two layers – execution and consensus – which in turn enables validators to withdraw from either layer.
The incentive behind Shanghai is to improve liquidity for stakeholders and validators for a timely withdrawal of their funds.
Christopher Mitchell, the founder of Keala Advisors said, “An investor can stake some or all of their ETH holdings on the network to earn interest on their staked amount.”
This effectively means staking aligns with the traditional investor who chooses to hold monies in bonds.
There Is a Strong Momentum Gathering Behind Ethereum Currently
As we have detailed in recent articles, there is currently a wave of momentum gathering behind Ethereum within the industry.
Let’s list the positives:
- Cancun-Deneb upgrade using Proto-Danksharding.
- Bear market has already been forming through late 2022 and throughout 2023 to build on.
- Shanghai and Cappella Hard Fork implemented in April 2023 has improved user experience.
Are There Any Negatives for Ethereum in 2024?
Having laid out three major positives behind Ethereum for the coming year, it is incumbent on us to try and figure out if there are any negatives about the Ethereum price in the timescale of the bets.
Ethereum has always been known for its higher gas fees, but they have told us that was a huge motivation for the Cancun-Deneb upgrade using Proto-Danksharding. Time will tell for Ethereum as those gas fees will reduce once the upgrade is complete in April, then that will be a potential problem dealt with.
The other motivation for the upgrades is the terrible TPS that has fallen behind its competitors in the industry. Again, if forecasts are correct, that negative will be solved in April.
Will Ethereum Finish Above $2800 in 2024?
We have reached the crux of the issue.
Long term, in the months after April —once the Cancun-Deneb upgrade using Proto-Danksharding becomes fully functional and investors see reduced gas fees with an improved TPS— the key for growth will be in place.
We believe after months of diligent testing there should be few, if any problems with the upgrade, and with the current price of Ethereum on writing this article set at $2,541, the coin needs to find another $260 increase in the coming months.
That figure means an increase of 10% for the next eleven months will mean a winning wager for bettors who choose to take the Above $2,800.50.
We think that is a very decent bet at the odds of (-130).
Cryptocurrency Prediction: Ethereum Price on 31st December 2024 – Over $2,800.5 (-130) at BetOnline
*The line and/or odds on picks in this article might have moved since the content was commissioned. For updated line movements, visit BMR’s free betting odds product.
