- JP Morgan analysts have predicted that Ethereum will likely outperform Bitcoin and other cryptocurrencies post its EIP-4844.
- The upgrade is expected to lower Ethereum transaction cost for users and drive Ether’s adoption.
- Analysts have predicted Ethereum price rally to the zone between $3,400 and $3,800 in the first quarter of 2024.
Analysts at the Wall Street banking giant JP Morgan said in a research note that they believe Ethereum is poised to outperform Bitcoin in the first quarter of 2024, The Block reports. The bullish thesis for ETH stems from the upcoming EIP-4844 upgrade to Ether’s blockchain.
The upgrade will power proto-danksharding on the Ethereum chain and reduce transaction costs for users. Find out more here.
Also read: When is EIP-4844, and why is it considered the biggest game changer for Ethereum?
Ethereum to outperform Bitcoin with this upgrade
The Ethereum network’s most anticipated upgrade following the Merge is proto-danksharding, EIP-4844. The upgrade is expected to reduce transaction costs and boost throughput, two of the key challenges faced by the ETH blockchain presently.
Vitalik Buterin, the co-founder of Etheruem has stressed the importance of reducing ETH transaction fees on several occasions during interviews. Core developers are therefore focused on tackling the challenge with EIP-4844, in the first quarter of 2024.
According to a research note by banking giant JP Morgan’s analysts, this upgrade in itself is expected to boost the altcoin’s adoption and help ETH outperform Bitcoin and its crypto competitors.
According to TheBlock, analysts led by Nikolaos Panigirtzoglou wrote in a note,
We believe that next year Ethereum will re-assert itself and recapture market share within the crypto ecosystem. The main catalyst is the EIP-4844 upgrade or Protodanksharding, which is expected to take place during the first half of 2024.
Ethereum price rally to $3,800 likely in 2024
Crypto analyst and trader Michaël van de Poppe analyzed the Ethereum price chart and predicted an ETH price rally to the range between $3,400 and $3,800 in the first quarter of 2024.
ETH/USDT 3-day chart
The analyst notes that Ethereum price made a positive support and resistance flip at the $2,125 mark. Even if Ethereum price corrects to the $1,900 level, a run up to $3,400 is expected.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
Ripple's XRP breaks out of downtrend as RLUSD receives greenlight from New York regulators
Ripple's CEO Brad Garlinghouse announced on Tuesday that the company received a green light from the New York Department of Financial Services on the launch of its stablecoin RLUSD.
Could Google's supercomputer crack Bitcoin? Crypto community maintains positive outlook
Bitcoin faced mixed sentiments on Tuesday after crypto community members spoke on the potential of Google's new quantum chip Willow's ability to crack blockchain networks and render the security of public key cryptography useless.
Crypto Today: Microsoft Rejects Bitcoin Reserve Plan, as Cardano, XRP Lead Market Rebound
Amid an escalating geopolitical crisis, the global crypto market crash on Monday saw over $1.5 billion worth of liquidations, triggering double-digit losses across top-ranked digital assets.
Litecoin Price Prediction: LTC to hold $100 support as traders deploy $10M of leverage
Litecoin price broke below the $110 level on Tuesday, down 20% in a frenetic 24 hours as rising geopolitical risks triggered volatility across global crypto markets.
Bitcoin: Long-awaited $100K milestone meets profit taking
Bitcoin ends the working week hovering around $98,000 after a very volatile Thursday when it surpassed the $100K milestone and underwent a sharp correction. Strong institutional demand, whale accumulation, and the choice of a pro-crypto figure to lead the US SEC fueled the rally this week.
Best Forex Brokers with Low Spreads
VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.