Ethereum Price Prediction: As JPMorgan Says ETH Will Outperform Bitcoin Next Year On EIP-4844 Upgrade, This Bitcoin Derivative Heads For $6 Million In Presale

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Ethereum price is up 5% in the last 24 hours to trade for $2,281 as of 4:40 a.m. EST time despite a 5% drop in trading volume.

Analysts from one of the world’s largest banks have said that Eth could outperform Bitcoin and other cryptocurrencies in 2024.

Ethereum Price Gains Strength As JPMorgan Analysts Express Optimism For ETH

Analysts led by Nikolaos Panigirtzoglou said that 2024 will be the year when Ether “reasserts itself” and “recaptures market share within the crypto ecosystem.” Based on the note, the pundits support their thesis with the EIP-4844 upgrade or Protodanksharding event.

Ethereum Expected to Do Better Than Bitcoin in the Coming Year: JPMorgan.https://t.co/KhvDyl8IDw #Ethereum #Bitcoin #Altcoin #CryptocurrencyNews #NFT #Web3 #Blockchain #CryptoMarket pic.twitter.com/9TZ2qgPqzB

— CryptosHeadlines.com (@CryptosHeadline) December 14, 2023

Scheduled for the first half of 2024, Protodanksharding is an upgrade expected to improve Ethereum network activity.

It will mark the first step toward the full implementation of Danksharding, which is the advanced form of sharding for the Ethereum network.

Specifically, this upgrade will sidestep the intricacies of splitting Ethereum into multiple shard chains and use a better approach.

It will integrate data blobs, which are essentially temporary data packets attached to blocks, which have more data load capacity compared to blocks, although not permanently stored or accessed by the Ethereum virtual machine (EVM).

Interestingly, the benefits of this upgrade on the Ethereum chain will also extend to Layer 2 (L2) tokens. Arbitrum (ARB) and Optimism (OP), two of the grandest L2s will be first in line to benefit from the updates, according to the analysts.

The two L2 networks will enjoy better network throughput courtesy of more data storage space. The L2s will also enjoy reduced transaction fees while using the Ethereum chain

According to the analysts, therefore, this upgrade will help Ethereum price outperform its peers in the crypto market.

Ethereum Price Outlook As Analysts Expect Optimism For ETH

The price of the largest altcoin by market capitalization remains broadly bullish, moving between the upper band of the Bollinger indicator at $2,425 and the centerline at $2,194. Also, it remains within the confines of an ascending parallel channel, which is a bullish technical formation. These accentuate the bullish outlook.

Increased buying pressure above current levels could see Ethereum price extend north, flipping the midline of the ascending channel from a resistance to a support floor above the $2,293 level. In a highly bullish case, the gains could extend further for Ether market value to tag the $2,403 range high. Such a move would constitute a 5% climb above current levels.

The Relative Strength Index (RSI) supports the bullish thesis, moving north to show momentum is rising. Similarly, the Awesome Oscillator (AO) remains in the positive territory to show the bulls still have the upper hand.

Conversely, if selling pressure increases, the bears could recover the market, an outcome that is likely since this cohort of traders already has one foot in the market. Evidence of this is seen in the red histogram bars of the AO as they continue to reduce in volume.

If the bears have their say, Ethereum price could slip below the key support at $2,147, exposing Ether market value to a cliff. To confirm the continuation of the downtrend, the price must break and close below the midline of the supply zone that now acts as a bullish breaker.

Such a move would expose Ethereum price to a cliff, likely sending it to the depths of $1,935, below which the bullish thesis would be invalidated.

On-chain Metric GIOM Supports The Upside For Ethereum price

On-chain metric Global In/Out of the Money (GIOM) supports the bullish outlook for Ethereum price, showing it had robust support downward compared to overhead pressure.

The region between $1,936 and $2,171 is vital for Ether, and any efforts to push Ethereum price lower would be countered by buying pressure from 5.53 million addresses that had previously bought approximately 40.13 million ETH tokens at an average price of $2,029.

Back to the JPMorgan analysts, the sleuths also addressed the spot exchange-traded funds (ETFs) approval and the BTC halving, expected in January and April respectively.

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