Current Position and Growth Drivers for Ethereum
Ethereum (ETH), the second-largest cryptocurrency by market cap after Bitcoin, continues to attract institutional and retail investors, especially following the approval of Ethereum ETFs in the United States. These funds allow a wide range of investors to access the asset via traditional exchanges. The key events drawing interest for the remainder of 2024 are:
1. Devcon SEA 2024 in Bangkok (November 12–15): One of Ethereum’s largest gatherings, Devcon SEA, will host thousands of developers and industry leaders, including Ethereum co-founder Vitalik Buterin. Devcon SEA is expected to reinforce Ethereum’s global influence in blockchain and prepare the ground for future technological advancements.
2. Dencun Upgrade: Scheduled for late 2024, this major network upgrade includes EIP-4844 (Proto-Danksharding), aimed at significantly reducing transaction fees and increasing network capacity. This development is set to enhance Ethereum’s appeal for decentralized applications (dApps) and DeFi projects, thereby bolstering its competitiveness among other blockchain networks.
Macro-Economic and Market Conditions
Alongside technical advancements, Ethereum’s price trajectory will also depend on macroeconomic factors, including potential interest rate changes by the U.S. Federal Reserve and the impact of U.S. election results on the financial markets. Favorable conditions here could provide additional support for Ethereum’s price by year-end.
Price Forecast
Given these events, analysts forecast Ethereum’s price to reach the $3,500–$4,000 range by the end of the year. With strong institutional inflows and stable financial markets, there remains significant growth potential, especially if the Dencun upgrade and developer engagement further strengthen the Ethereum ecosystem.
Conclusion
As Ethereum reaches a pivotal phase in late 2024, the combination of updates, increasing institutional investments, and an active community positions it as one of the most promising assets in the crypto space, likely sustaining demand and interest over the coming months.
