Ethereum price prediction: What to expect from EIP-4844 Network Upgrade
Ethereum price prediction: What to expect from EIP-4844 Network Upgrade
The second-most-capitalized cryptocurrency has fallen below the $1,600 support level and threatens to fall further.
The value of Ethereum fell to $1,576.07, down 1% overnight and 3.3% for the week. The fall of Ethereum poses a threat to the fall of other altcoins, so it is recommended to follow the forecasts of experts.
EIP-4844 is expected to be rolled out around the fourth quarter of 2023, which should improve the speed and cost efficiency of the Ethereum network. Additionally, amid market turbulence, Vitalik Buterin dropped $0.63 million worth of ETH on Coinbase, sparking speculation among investors.
"We are most worried about Ethereum. Its weak performance amid a lack of investor interest in the EIP-4844 upgrade could lead to a slow obsolescence of the blockchain," said Markus Thielen, Head of Research and Strategy at digital asset servicing platform Matrixport.
Ethereum's difficulty in overcoming the $1,650 level is worrying, he said, as a potential downward breakout would have serious implications for all altcoins.
The average fee on the Ethereum blockchain fell to $1.15 on Saturday, according to analysts at Santiment. The utility of ETH is starting to rise as the asset becomes more accessible. The increase in utility could lead to a rebound in market capitalization levels.
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Total cryptocurrency market capitalization fell 1.0% to $1.04 trillion over the past 24 hours, while trading volume increased 8.42% to $17.64 billion.
Earlier, the SEC opened a hearing on launching Ethereum spot ETFs.
