Treasuries currently tokenized on the platform.The Overlooked Catalyst? According to the researcher, another catalyst that few are discussing but that could have a significant impact is the upcoming Pectra upgrade, which is expected in the first quarter of 2025. This upgrade, which merges the Prague (execution layer) and Electra (consensus layer) updates, promises to introduce several key improvements, including Account Abstraction (enhancing user experience), staking improvements, and scalability.“The market is underestimating the importance of the Pectra upgrade,” Ignas said.“Features like Account Abstraction, staking enhancements, and scalability improvements could be game-changers for Ethereum’s adoption and usability.” Related Reading: Tron Bullish Rebound At Support Level Signals Potential Upside To $0.1443 While trading at $2,670 as of this writing, VanEck’s ETH base price forecast of $11,800 by 2030 may seem bearish to some, Ignas pointed out, but it still represents a 4.4x increase – significantly more than Solana’s 2.2x forecast over the same period. Ultimately, with a solid ecosystem, growing institutional support, and upcoming technical upgrades, the researcher notes that the bullish case for Ethereum looks increasingly compelling, even as the asset navigates near-term headwinds.
Firstly, the “digital gold” narrative surrounding Bitcoin is easier for new retail users and institutions to grasp than Ethereum’s more complex story. Related Reading: Bitwise CIO Reveals Three Super Bullish Signals From Bitcoin ETFs Additionally, the rising prominence of Solana, which is catching up to or sometimes even surpassing Ethereum in active users, transaction volume, and mindshare, has put pressure on the leading smart contract platform.“Solana is a riskier (lower market cap) bet on smart contract adoption, while Ethereum is squeezed in between,” Ignas explains.“Ethereum’s modular approach with Layer-2 solutions has also led to a fragmentation of liquidity and a more complicated user experience.” However, the researcher remains bullish on Ethereum’s long-term potential, citing several compelling reasons to watch. Network Effects And Real-World Use Cases Efficient and Deflationary Network: If Ethereum’s gas prices remain around 20 Gwei, the network is considered deflationary and scalable, making it an attractive and efficient option for users.
Mature DeFi Ecosystem: Ignas contends that Ethereum and its Layer-2 solutions boast "the most mature decentralized finance (DeFi) ecosystem” in the crypto space, with significant combined total value locked (TVL) and trading volume, attracting more users and driving up gas fees and ETH burning.
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