Bitcoin has already climbed to a new all-time high, while Ethereum is still lagging behind. However, according to Bitwise analysts, this is not immediately a reason to worry about number two in the market. The current price pattern would not deviate from the regular market cycle.

Why is Bitwise so bullish on Ethereum for the year 2024?

Bullish over Ethereum

The Dencun upgrade is on the program for Ethereum and the enthusiasm about the arrival of Spot Ethereum ETFs is currently doing the coin a lot of good.

Juan Leon, a research analyst at Bitwise, claims that Ethereum could rise to $8,000 or even $10,000 this cycle. “Maybe even higher,” he told CoinDesk Markets Daily.

“Bitcoin has been soaking up all the attention with the ETF launches, but Ethereum still has two major catalysts that are gaining attention,” Leon said. By this he is referring to Dencun and the Spot Ethereum ETFs.

“Most of the positive sentiment will come weeks and months after the upgrade,” Leon shares his expectations for Ethereum.

What are the chances of a Spot Ethereum ETF?

Although the chance of approval is not as high as for the Spot Bitcoin ETFs, Leon sees a chance of about 50 to 60 percent for the Spot Ethereum ETFs.

However, that concerns the short term (May 2024), because for the long term the approval of the Spot Ethereum ETFs is a certainty, according to Leon.

Should the Spot Ethereum ETFs be launched, the question remains whether there will be any interest in it at all. The fact that investors like Bitcoin does not automatically mean that they also want to add Ethereum to their portfolios.

So far, the number two in the market still has to prove itself. The real “killer app” for Ethereum does not yet exist, while Bitcoin is of course a means of protection against inflation.

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