Ethereum price is forecast to reach $5,300, driven by liquidity indicators and upcoming blockchain improvements. Raoul Pal predicts that the price of ETH could reach all-time highs in the first half of 2024, driven by the prospect of an Ethereum ETF. Vitalik Buterin’s updated roadmap includes important advances and measures to combat economic centralization.
Analysts projected an optimistic future for Ethereum (ETH), predicting a potential price target of $5,300. This forecast coincides with the latest updates from Ethereum co-founder Vitalik Buterin.
Buterin shared an updated roadmap for 2024, promising significant advancements in the Ethereum ecosystem.
Ethereum Will Soon Catch Up
Ethereum, the second largest cryptocurrency by market capitalization, has always been a focus of interest in the cryptocurrency market. It has gone from being a digital currency to becoming an ecosystem for decentralized applications. This dual nature has been a significant factor in its enduring appeal.
According to Raoul Pal, co-founder and CEO of Real Vision, the price trajectory of Ethereum is destined for a notable rise. This projection is not a mere throw-in, as it is based on the liquidity indicator, a tool used by analysts to gauge future asset price movements.
However, Pal warned that these predictions are not set in stone, as they indicate strong bullish sentiment towards Ethereum:
“Ethereum can have a really good first half of 2024. The target using the liquidity indicator would be about $5,300… We should be hitting all-time highs on Ethereum in the first half of 2024. We’ll see how it plays out, but it makes me very bullish on crypto assets.”
Pal also alluded to the influence of ETFs (exchange-traded funds) on Ethereum’s performance. He believes that the launch of a spot Bitcoin ETF could pave the way for an Ethereum ETF, which in turn would invigorate the Ethereum ecosystem.
“Ethereum is doing what it is supposed to do, but it is not giving us the big surprise. I think that surprise will come the moment the Bitcoin ETF comes out and people focus on the Ethereum ETF. That will bring life to the ETH ecosystem,” Pal added.
New Roadmap, New Horizons
Pal’s predictions match Vitalik Buterin’s vision for 2024. The Ethereum co-founder shared an updated roadmap that shows his commitment to continuous improvement and innovation.
One of the key updates includes the implementation of Single Slot Finality (SSF) in improving post-Merge Proof-of-Stake (PoS). SSF is expected to resolve many of Ethereum’s current flaws in PoS design, leading to faster and more secure transactions.
“It is increasingly clear that SSF is the easiest path to solving many of the current weaknesses of Ethereum’s PoS design,” Buterin stressed.
The developers have also made significant progress in other areas, such as the Surge, including the EIP-4844 and rollup advancements. These improvements increase Ethereum’s scalability and efficiency, which are crucial to its long-term success.
Buterin’s roadmap also addresses the challenges of economic centralization in PoS through initiatives like Scourge. This redesign focuses on combating Maximum Extractable Value (MEV) and general stake pooling issues, which are vital to maintaining network integrity and decentralization.
However, not all developments have been simple. Developers faced challenges related to Verifiable Delay Functions (VDF) due to cryptographic weaknesses of existing constructs.
Despite these setbacks, the team remains committed to researching and improving these features, underscoring their dedication to the long-term viability of the project.
By Leonardo Perez
