Crypto NewsAnalysisWhat Events Will Increase the Ethereum Price in 2024 and What are...

What Events Will Increase the Ethereum Price in 2024 and What are the FUDs Awaiting ETH? How Does ETF Approval Affect Price?

While all eyes are on Ethereum ETFs, Layergg, a popular research platform, shared its ETH expectations.

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The SEC finally approved spot Bitcoin ETFs last January. While all eyes were on Ethereum ETFs after the BTC ETF approval, Layergg, a popular research platform, shared its ETH expectations.

At this point, Layergg, which divided its journey towards Ethereum spot ETF approval into 3, stated that the first period started with the Dencun upgrade.

“Term 1: Ethereum Dencun Upgrade”

Referring to the Shanghai upgrade here, the platform argued that ETH could rise similarly.

“Phase 1 :(February~March): Ethereum Dencun upgrade will take place on March 13.

Looking at last year's Shanghai Upgrade, ETH was up 50% from about a month before until the upgrade day.

“In the Dencun upgrade, ETH may behave similarly and rise.”

“Sera 2: Bitcoin Halving”

Stating that the BTC halving, which is expected to take place on April 17, will indirectly support the ETH price increase, Layergg said:

“Bitcoin halving is scheduled for April 17.

Historically, Bitcoin has increased by an average of 70% in the approximately 50 days leading up to the halving day.

“Bitcoin halving will also indirectly help continue the rise of ETH.”

“Semester 3: ETH ETF Decision”

“The earliest decision for the 7 Ethereum spot ETF application will be made on May 23.

In the 3 months before the launch of the Spot BTC ETF, BTC saw an 80% increase.

“While the scenario will not play out the same as Bitcoin at this point, the potential ETH ETF approval will ease the decline following the post-EIP-4844 “Sell the News” event.”

“Without Correction Upsides Are Unrealistic!”

Finally, underlining that the continuous rise of Ethereum would not be realistic without corrections, Layergg cited the “fake Cointelegraph ETF News, – Matrixport possible ETF Rejection Scenario and SEC Hacking” as examples, which led to sharp corrections in Bitcoin.

Stating that the same FUDs may occur in Etheruem at this point, Layergg expects FUDs such as Celsius' ETH sale, SEC's Ethereum regulation, SEC-Coinbase case and Grayscale ETH in Ethereum.

The platform stated that with these FUDs, the ETH price may decrease and provide investors with a buying opportunity.

Layergg also stated that more Bitcoin ETF inflows could increase the uptrend of ETH, while the falling ETH supply on exchanges and the increasing interest of Wall Street giants in ETH Staking could increase the uptrend in ETH.

“Ethereum has overcome the hurdles of past market declines (FTX, Celsius, GBTC) and is now entering a new phase driven by ETF demand.

“I think we may witness a strategic rotation of capital from BTC to ETH in the coming weeks as the ETF decision approaches.”

Ethereum continues to trade at $2,750 at the time of writing.

*This is not investment advice.

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