Ethereum Price Might Surge 50% in January 2024 : Here’s The Major Driving Factor For ETH Price

The post Ethereum Price Might Surge 50% in January 2024 : Here’s The Major Driving Factor For ETH Price appeared first on Coinpedia Fintech News

With Bitcoin ETFs finally approved, and the call for spot ETH ETFs rising, Ethereum is now standing at the threshold of a potential surge, with pivotal developments setting the stage for a remarkable bull in January. The imminent activation of the Dencun upgrade, known as the protodanksharding upgrade or EIP-4844, on the Goerli testnet on January 17 is poised to be a game-changer.

EIP-4844: Unleashing Efficiency

The Dencun upgrade, specifically EIP-4844, aims to cut Layer 2 transaction fees on Ethereum by introducing “data blobs” – sizable data pieces linked to Ethereum blocks and rollups. This innovation enhances efficiency and lowers transaction costs within the Layer 2 scaling solution.

By implementing EIP-4844, Ethereum looks forward to freeing up Ethereum’s processing capacity, streamlining operations, and enabling rollups to handle transactions at a much lower cost. 

The Expected Bullish Storm

Ethereum is on a positive trajectory, surging to $2,500 after the SEC approved the Spot Bitcoin ETF. Keeping steady above key levels like the 50-day and 200-day Exponential Moving Averages at $2,231 and $1,959, analysts now set their sights on a promising target: the 78.6% Fibonacci retracement level at $3,004.

As Ethereum gears up with the Dencun upgrade, the optimistic market sentiment following the approval of the Spot Bitcoin ETF has made investors eagerly wait for a potential 50% surge within reach in January.