Ethereum, one of the world’s leading cryptocurrencies, continues to establish itself as the leading blockchain platform for smart contracts and decentralized applications (DApps). With a market cap of over $415 billion, Ethereum has been the foundation for many groundbreaking developments in the cryptocurrency industry.
In 2024, Ethereum continued to evolve with important improvements, the main one being the network upgrade to Ethereum 2.0 (The Merge), completed at the end of 2023, whose implementation is reflected in more efficient performance and significantly reduced energy consumption.
Fundamentals of Ethereum and its evolution throughout 2024
One of the main novelties of Ethereum in 2024 is the growing adoption of its network in DeFi and NFT applications, along with the boost of its scalability solutions such as zk-Rollups, which improve the network's ability to process transactions faster and cheaper.
Additionally, developments around Ethereum, such as Layer 2 solutions like Optimism and Arbitrum, have gained traction. These solutions help reduce congestion on the Ethereum mainnet and improve the user experience.
In terms of price, Ethereum has experienced a year of ups and downs, currently trading at $3,450, according to TradingView. Increased interest from institutional investors and increased participation in the staking service thanks to the Dencun upgrade have boosted sentiment around ETH. This milestone has cemented confidence in the network.
ETH price evolution throughout 2024. Source: TradingView
The transition to Ethereum 2.0 has proven to be one of the most important decisions for its future, with visible improvements in the security and scalability of the blockchain.
On the other hand, mid-year, the SEC approved the first spot Ethereum ETFs in the United States. While they haven’t generated the same impact as their Bitcoin counterparts, these ETH-based investment vehicles have catalyzed investor interest.
ETH Price Predictions for End of 2024: ChatGPT Shares 3 Scenarios
As 2024 comes to an end, ChatGPT presents three possible trajectories that the price of Ethereum could follow.
Bearish Scenario: Ethereum could face a price correction driven by several factors, such as a global slowdown in financial markets, restrictive monetary policies, or a drop in demand for DeFi and NFTs. In this scenario, ETH could see a decline towards the $2,800–$3,000 range.
Neutral scenario: Ethereum could continue its consolidation within the current range. This could be driven by stability in the crypto market, with investors awaiting the next major update or announcement of significant developments. In this scenario, ETH would remain around $3,200-$3,400.
Bullish scenario: This could occur if Ethereum adoption continues to grow and significant strides are made in adopting the network. This could push the price towards $3,600 – $3,800.
Furthermore, the presented scenarios consider different possibilities, given that the cryptocurrency market can react quickly to new events or unexpected changes in the global economy. Therefore, price expectations can vary drastically due to internal or external factors.
Therefore, anyone trying to predict market behavior should act with caution, as the speculative nature of the sector causes significant fluctuations in results and makes projections inaccurate.
The article ChatGPT predicts Ethereum (ETH) price by the end of 2024 was first seen on BeInCrypto Brazil.
