Renowned crypto influencer and Wealth Master founder, Lark Davis, foresees a bright future for Ethereum in 2024. In his tweet, he highlighted key factors that will soar its price to near about $$3,582.
Key Catalysts for Ethereum’s Price Surge
Lark Davis, a well-known figure in the crypto space, has expressed a positive outlook for Ethereum in the coming year. His insights are based on several key factors that he believes will contribute to Ethereum’s significant price surge.”
One of the primary contributors to Ethereum’s potential surge, Ethereum Improvement Proposal 4844, or EIP-4844, is set to bring a revolutionary change to layer 2 scalability. This proposal aims to significantly reduce transaction fees, making Ethereum more user-friendly and cost-effective.”
Spot ETH ETF
Further, Davis forecasts a potential game-changer with the introduction of a spot Ethereum Exchange-Traded Fund (ETF). Earlier on 09 Nov 2023, BlackRock Announces the filling of Spot Ethereum ETF, leading to a significant increase in Ethereum’s price, which reached the $2,000 mark.
This development could open up diverse investment avenues, attracting new capital to the Ethereum market.
Increasing Scarcity through ETH Burn, Staking
Another key prediction involves the increased scarcity of Ethereum tokens through methods like burning, staking, and reducing holdings on exchanges. This reduction in available supply may contribute to a potential increase in Ethereum’s value which will surge it down to .”
Meanwhile, these factors, when combined, could have a profound impact on Ethereum’s market dynamics.
As Ethereum becomes more scalable, accessible, and scarce, Davis suggests a positive feedback loop may emerge, driving the cryptocurrency’s price upward.”
ETH to Hit $3,582 by 2024
Ethereum’s bullish sentiment suggests positive price trends and significant developments for the cryptocurrency.
Meanwhile, some analysts believe that a series of key factors like the approval of Ethereum ETF and the reduced transaction fees will drive Ethereum price to $3,582. However, in case of a correction, the ETH crypto might form a low of around of $2,871.
Presently, the ETH price varies within the range of $2000 to $2,100, as per a Coinpedia news report.