{"id":596739,"date":"2024-03-07T20:00:13","date_gmt":"2024-03-07T20:00:13","guid":{"rendered":"https:\/\/uniquehot.com\/?p=596739"},"modified":"2024-03-07T14:23:56","modified_gmt":"2024-03-07T14:23:56","slug":"ethereum-aims-for-10000-driven-by-2-key-factors-according-to-experts","status":"publish","type":"post","link":"https:\/\/uniquehot.com\/news\/ethereum\/ethereum-aims-for-10000-driven-by-2-key-factors-according-to-experts\/","title":{"rendered":"Ethereum Aims For $10,000, Driven By 2 Key Factors, According To Experts"},"content":{"rendered":"<p>Ethereum is emerging as the vanguard for a revolutionary financial system. Advocates of the second most valuable blockchain extol the virtues of smart contracts, envisioning a future marked by market transparency, tokenized funds, and expeditious settlement times.<\/p>\n<p>At the time of writing, Ether was <a href=\"https:\/\/www.coingecko.com\/\" target=\"_blank\" rel=\"noopener nofollow\">trading at $3,780,<\/a> up 2% and 8% in the daily and weekly timeframes, data from Coingecko shows.<\/p>\n<div class=\"related-reading-shortcode\">Related Reading: <a href=\"https:\/\/uniquehot.com\/analysis\/xrp\/dont-miss-out-xrp-bull-flag-signals-explosive-price-movement\/\"> Don\u2019t Miss Out: XRP Bull Flag Signals Explosive Price Movement<\/a><\/div>\n<h2><strong>Ethereum&#8217;s Untapped Institutional Potential<\/strong><\/h2>\n<p>Experts argue that <a href=\"https:\/\/www.coingecko.com\/en\/coins\/ethereum\" target=\"_blank\" rel=\"noopener nofollow\">Ethereum<\/a> is yet to undergo its institutionalized hype cycle, lagging behind the fervor witnessed by Bitcoin.<\/p>\n<p>Robby Greenfield, the visionary co-founder and CEO of Umoja Labs, foresees a significant uptick in institutional interest in Ethereum, particularly fueled by the impending Bitcoin halving and the cascading inflows from Bitcoin ETFs.<\/p>\n<p>Greenfield&#8217;s bold prediction places Ethereum on a trajectory to narrow the gap with Bitcoin&#8217;s gains, asserting that the cryptocurrency could <a href=\"https:\/\/www.dlnews.com\/articles\/markets\/experts-see-ethereum-etf-and-dencun-driving-rally-to-10k-usd\/\" target=\"_blank\" rel=\"noopener nofollow\">surpass the $10,000 milestone<\/a> this year.<\/p>\n<p>Institutional investors, he believes, will play a pivotal role in propelling Ethereum to new heights, bringing about a surge in buying pressure.<\/p>\n<pre style=\"text-align: center\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"aligncenter size-full wp-image-596745\" src=\"https:\/\/uniquehot.com\/wp-content\/uploads\/2024\/03\/a_ea9014.png?resize=642%2C382\" alt=\"\" width=\"642\" height=\"382\" srcset=\"https:\/\/uniquehot.com\/wp-content\/uploads\/2024\/03\/a_ea9014.png?w=642 642w, https:\/\/uniquehot.com\/wp-content\/uploads\/2024\/03\/a_ea9014.png?w=460 460w\" sizes=\"(max-width: 642px) 100vw, 642px\">ETH price action in the last week. Source: Coingecko<\/pre>\n<h2><strong>Regulatory Crossroads: The SEC&#8217;s Stance On Ethereum ETFs<\/strong><\/h2>\n<p>While optimism runs high, the path to Ethereum&#8217;s ascendancy is not without regulatory hurdles.<\/p>\n<p>The US Securities and Exchange Commission, led by Chair Gary Gensler, may adopt a cautious approach toward approving an Ethereum ETF, unlike the relatively smoother approval process witnessed with Bitcoin ETFs.<\/p>\n<p>Gensler&#8217;s hesitance stems from a history where the SEC reluctantly gave the nod to Bitcoin ETFs after a legal battle with Grayscale.<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter size-full\" src=\"https:\/\/www.tradingview.com\/x\/rvKhoqpD\/\" width=\"1835\" height=\"883\"><\/p>\n<pre style=\"text-align: center\">Total crypto market cap is currently at $2.456 trillion. Chart: <a href=\"https:\/\/www.tradingview.com\/\" target=\"_blank\" rel=\"noopener nofollow\">TradingView.com<\/a><\/pre>\n<p>The SEC is set to scrutinize Ethereum ETF applications, including those from financial giants BlackRock and Fidelity, in May.<\/p>\n<p>Despite industry expectations, the approval odds vary, with Polymarket estimating a 43% likelihood and JPMorgan offering a more optimistic 50% chance.<\/p>\n<h3><strong>Ethereum&#8217;s Catalyst: The Dencun Upgrade<\/strong><\/h3>\n<p>JPMorgan highlights a potential catalyst for Ethereum&#8217;s growth\u2014the<a href=\"https:\/\/www.fxstreet.com\/cryptocurrencies\/news\/ethereum-price-beats-crypto-market-bloodbath-nearly-a-week-away-from-dencun-upgrade-202403061100\" target=\"_blank\" rel=\"noopener nofollow\"> Dencun upgrade.<\/a> Crafted to enhance scalability by reducing costs for various rollup solutions, this upgrade facilitates the batching of crypto transactions into smaller data chunks settled on the Ethereum network.<\/p>\n<p>Unlike Bitcoin&#8217;s programmed scarcity with a capped token supply of 21 million, Ethereum&#8217;s supply remains infinite, presenting a unique dynamic in the crypto landscape.<\/p>\n<p>Eugene Cheung, Bybit&#8217;s head of institutions, underscores the positive implications of the Dencun upgrade for Ethereum supporters.<\/p>\n<div class=\"related-reading-shortcode\">Related Reading: <a href=\"https:\/\/uniquehot.com\/news\/super-tuesday-crypto-craze-biden-related-memecoin-stuns-markets-with-5000-surge\/\" target=\"_blank\" rel=\"noopener \">Super Tuesday Crypto Craze: Biden-Related Memecoin Stuns Markets With 5,000% Surge<\/a><\/div>\n<p>With layer 2 solutions built on top of Ethereum, the blockchain is evolving into a settlement layer for a novel digital infrastructure spanning gaming, trading, and investing.<\/p>\n<p>In the eyes of some, the looming decision on Ethereum ETFs is just the opening act.<\/p>\n<p>Bloomberg ETF analyst Eric Balchunas dismisses an Ethereum ETF as &#8220;small potatoes,&#8221; characterizing it as an underwhelming prelude to more substantial developments within the crypto sphere.<\/p>\n<p><em>Featured image from Pexels, chart from TradingView<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Ethereum is emerging as the vanguard for a revolutionary financial system. Advocates of the second most valuable blockchain extol the virtues of smart contracts, envisioning a future marked by market transparency, tokenized funds, and expeditious settlement times. At the time of writing, Ether was trading at $3,780, up 2% and 8% in the daily and weekly timeframes, data from Coingecko shows. Related Reading: Don\u2019t Miss Out: XRP Bull Flag Signals Explosive Price Movement Ethereum&#8217;s Untapped Institutional Potential Experts argue that Ethereum is yet to undergo its institutionalized hype cycle, lagging behind the fervor witnessed by Bitcoin. Robby Greenfield, the visionary co-founder and CEO of Umoja Labs, foresees a significant uptick in institutional interest in Ethereum, particularly fueled by the impending Bitcoin halving and the cascading inflows from Bitcoin ETFs. Greenfield&#8217;s bold prediction places Ethereum on a trajectory to narrow the gap with Bitcoin&#8217;s gains, asserting that the cryptocurrency could surpass the $10,000 milestone this year. Institutional investors, he believes, will play a pivotal role in propelling Ethereum to new heights, bringing about a surge in buying pressure. ETH price action in the last week. Source: Coingecko Regulatory Crossroads: The SEC&#8217;s Stance On Ethereum ETFs While optimism runs high, the path to Ethereum&#8217;s ascendancy is not without regulatory hurdles. The US Securities and Exchange Commission, led by Chair Gary Gensler, may adopt a cautious approach toward approving an Ethereum ETF, unlike the relatively smoother approval process witnessed with Bitcoin ETFs. Gensler&#8217;s hesitance stems from a history where the SEC reluctantly gave the nod to Bitcoin ETFs after a legal battle with Grayscale. Total crypto market cap is currently at $2.456 trillion. Chart: TradingView.com The SEC is set to scrutinize Ethereum ETF applications, including those from financial giants BlackRock and Fidelity, in May. Despite industry expectations, the approval odds vary, with Polymarket estimating a 43% likelihood and JPMorgan offering a more optimistic 50% chance. Ethereum&#8217;s Catalyst: The Dencun Upgrade JPMorgan highlights a potential catalyst for Ethereum&#8217;s growth\u2014the Dencun upgrade. Crafted to enhance scalability by reducing costs for various rollup solutions, this upgrade facilitates the batching of crypto transactions into smaller data chunks settled on the Ethereum network. Unlike Bitcoin&#8217;s programmed scarcity with a capped token supply of 21 million, Ethereum&#8217;s supply remains infinite, presenting a unique dynamic in the crypto landscape. Eugene Cheung, Bybit&#8217;s head of institutions, underscores the positive implications of the Dencun upgrade for Ethereum supporters. Related Reading: Super Tuesday Crypto Craze: Biden-Related Memecoin Stuns Markets With 5,000% Surge With layer 2 solutions built on top of Ethereum, the blockchain is evolving into a settlement layer for a novel digital infrastructure spanning gaming, trading, and investing. In the eyes of some, the looming decision on Ethereum ETFs is just the opening act. Bloomberg ETF analyst Eric Balchunas dismisses an Ethereum ETF as &#8220;small potatoes,&#8221; characterizing it as an underwhelming prelude to more substantial developments within the crypto sphere. Featured image from Pexels, chart from TradingView<\/p>\n","protected":false},"author":557,"featured_media":596772,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[13625],"tags":[6664,1946,4735,3505],"class_list":["post-596739","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-ethereum","tag-crypto","tag-ethereum","tag-price-action","tag-price-analysis"],"acf":[],"yoast_head":"\n<title>Ethereum Aims For $10,000, Driven By 2 Key Factors, Experts Say<\/title>\n<meta name=\"description\" content=\"Ethereum is emerging as the vanguard for a revolutionary financial system. 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He finally settled down at a local news giant in his hometown in the Philippines for a decade, becoming a total news junkie. But then, something new caught his eye: cryptocurrency. It was like a treasure hunt mixed with storytelling - right up his alley! So, he landed a killer gig at NewsBTC, where he's one of the go-to guys for all things crypto. He breaks down this confusing stuff into bite-sized pieces, making it easy for anyone to understand (he salutes his management team for teaching him this skill). Think Christian's all work and no play? Not a chance! When he's not at his computer, you'll find him indulging his passion for motorbikes. A true gearhead, Christian loves tinkering with his bike and savoring the joy of the open road on his 320-cc Yamaha R3. Once a speed demon who hit 120mph (a feat he vowed never to repeat), he now prefers leisurely rides along the coast, enjoying the wind in his thinning hair. 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But for Christian, that's not just a metaphor, it's a lifestyle. By day, he navigates the ever-shifting tides of the cryptocurrency market, wielding words like a seasoned editor and crafting articles that decipher the jargon for the masses. When the PC goes on hibernate mode, however, his pursuits take a more mechanical (and sometimes philosophical) turn. Christian's journey with the written word began long before the age of Bitcoin. In the hallowed halls of academia, he honed his craft as a feature writer for his college paper. This early love for storytelling paved the way for a successful stint as an editor at a data engineering firm, where his first-month essay win funded a months-long supply of doggie and kitty treats \u2013 a testament to his dedication to his furry companions (more on that later). Christian then roamed the world of journalism, working at newspapers in Canada and even South Korea. He finally settled down at a local news giant in his hometown in the Philippines for a decade, becoming a total news junkie. But then, something new caught his eye: cryptocurrency. It was like a treasure hunt mixed with storytelling - right up his alley! So, he landed a killer gig at NewsBTC, where he's one of the go-to guys for all things crypto. He breaks down this confusing stuff into bite-sized pieces, making it easy for anyone to understand (he salutes his management team for teaching him this skill). Think Christian's all work and no play? Not a chance! When he's not at his computer, you'll find him indulging his passion for motorbikes. A true gearhead, Christian loves tinkering with his bike and savoring the joy of the open road on his 320-cc Yamaha R3. Once a speed demon who hit 120mph (a feat he vowed never to repeat), he now prefers leisurely rides along the coast, enjoying the wind in his thinning hair. Speaking of chill, Christian's got a crew of furry friends waiting for him at home. Two cats and a dog. He swears cats are way smarter than dogs (sorry, Grizzly), but he adores them all anyway. Apparently, watching his pets just chillin\u2019 helps him analyze and write meticulously formatted articles even better. Here's the thing about this guy: He works a lot, but he keeps himself fueled by enough coffee to make it through the day - and some seriously delicious (Filipino) food. He says a delectable meal is the secret ingredient to a killer article. And after a long day of crypto crusading, he unwinds with some rum (mixed with milk) while watching slapstick movies. Looking ahead, Christian sees a bright future with NewsBTC. He says he sees himself privileged to be part of an awesome organization, sharing his expertise and passion with a community he values, and fellow editors - and bosses - he deeply respects. 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