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Two notable crypto analysts have highlighted several points on Ethereum’s onboarding funnel, making a prediction that the price of Ethereum (ETH) will experience positive momentum this year.
Amidst diverse speculative price fluctuations for Ethereum, there is potential approval on the horizon for the spot Ethereum exchange-traded fund (ETF) before the midpoint of this year.
These Ethereum Features Could Bolster Price
In a recent post on X (formerly Twitter), Vance Spencer, co-founder of the crypto venture firm Framework Ventures, asserted that the layer-2 solutions integrated into the Ethereum platform will make it challenging for other blockchains to compete this year.
“Going to be hard to compete with the Ethereum onboarding funnel – Gaming L2s (IMX, Ronin) – Corporate L2s (Base, Worldcoin) – Social L2s (Lens, Farcaster) – All of the other (hundreds?) of L2s spitting out tokens to acquire users.”
Spencer forecasts that they are all going to use ETH as “their base currency.”
DeFi Dad, a well-known crypto analyst, shared these insights with his 156,000 followers. He reiterates that this is one of the many reasons he holds a bullish stance on his price forecast for the upcoming bull cycle.
“One of many reasons I can see ETH ripping to $20k-$25k this cycle.”
At the time of publication, Ethereum’s price is $2,290. DeFi Dad’s prediction implies an 800% to 1,000% surge in Ethereum’s price if it comes to fruition.
Read more: Ethereum (ETH) Price Prediction 2024/2025/2030
Ethereum Price Speculation in Recent Times
BeInCrypto recently reported Standard Chartered Bank anticipates that the US SEC will approve a spot Ethereum ETF in May.
Furthermore, the financial institution believes that the regulator will utilize the entire deadline, making a decision on May 23.
Read more: Solana vs. Ethereum: An Ultimate Comparison
Bitcoin experienced a decline in price, dropping by around 10% following the announcement of Bitcoin ETF approval.
However, this decrease is mainly due to the significant amount of investors selling off GBTC shares.
Meanwhile, Standard Chartered research analyst Geoff Kendrick is optimistic that the scenario will differ with Ethereum ETFs.
He argues that the Ethereum Trust does not command the same market share of Ethereum as the Bitcoin Trust did for Bitcoin.
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