By: Eliza Bennet
Ethereum, the second-most valuable cryptocurrency by market cap, is showing signs of future growth according to some market analysts who contend the current downturn in the crypto market to be temporary. Moreover, updates to its network and technical analyses hint towards a promising long-term price trajectory for Ethereum, despite short-term bearish sentiments.
Analysts predict a milestone barrier could be broken, proposing that Ethereum (ETH) could attain a value as high as $15,000 by 2025. This forecast is founded on technical analysis readings, accompanied with the observation that Ethereum follows a similar pattern that previously triggered significant price rally in 2021, despite present resistance levels.
One of the anticipations catalyzing Ethereum's potential upswing is Ethereum’s scheduled development updates. Ethereum is projected to experience critical network upgrades aimed at reducing transaction costs by up to 90%. The initiative known as Dencun is expected to significantly enhance the effectiveness and scalability of the Ethereum network. The final upgrade timeline for Ethereum’s long awaited upgrade has been set with the next two updates to be released in February 2023.
The supposed improvement in network functions and market speculations generally flies in the face of Ethereum’s current market performance which mirrors the bearish sentiments in the cryptocurrency market. However, analysts remain optimistic about the long-term prospects considering the onboarding of new diversified market investments which would support the growth of Ethereum and, by extension, other cryptocurrencies.
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