Ethereum Price Prediction as Crucial Upgrade Nears – Analyst Sees 100x ETH Price Rally

According to CoinMarketCap, the broader crypto market valuation is currently $1.5 trillion, a 1.2% decrease in the past 24 hours. This slight drop is reflected in Ethereum, which has declined by 2% over the past day. Ethereum ETH is hovering around $2,318.

Ether has been trading below $2,500 since September 6, down over 14% over the past two weeks. However, despite the gloomy outlook, market analysts are optimistic about Ether's potential.

A well-known crypto analyst has predicted a potential 100x price rally, sparking widespread attention from investors.Can Ethereum reclaim above $2,500 soon, or will the downturn persist? The analysis below explores these possibilities.

Analyst Predicts Ethereum ETH's Demand Could Surge 100x with Based Rollups Upgrade

An analyst named Adam shared insights on X, discussing the potential impact ofEthereum's upcoming Based Rollups upgrade.

5/14

That does two important things:

1) It increases the value of staking ETH in a manner that is not correlated to the amount of ETH locked.

If there are many Based Rollups, validators could be yielding 15% yields even with lots of ETH locked up leading to supply shocks. pic.twitter.com/i53TMZWlqM

- Adam Cochran (adamscochran.eth) (@adamscochran) September 10, 2024

Adam explained how this upgrade could fundamentally change Ethereum's incentive structures and lead to a 100x increase. He pointed out that these Based Rollups will allow Layer 2 networks (L2s) to use Ethereum's existing validators for processing transactions.

According to Adam, the upgrade will change how validators earn from staking ETH. Validators won't only earn from staking ETH anymore. With the new Based Rollups, they'll also earn returns by processing L2 transactions.

Validators who opt-in to help validate and process these Based Rollups' will earn from them on top of their standard network inflation earnings," says Adam.

This adds another revenue stream, making Ethereum staking more lucrative. As more Based Rollups are adopted, validators could earn up to 15% returns, even with a large amount of ETH staked.

Adam says the new upgrade will likely increase the demand for ETH in two ways. First, staking ETH becomes more valuable, which could attract more investors to stake their ETH.

Also, Ethereum's ability to handle Based Rollups opens up new ways for ETH to capture value from idle processing in the network.With more people locking their ETH for staking, the supply could tighten, potentially driving up the price as demand grows.

Analysts Highlight Potential Bullish Breakout

Market expert Jesse Olson recently sharedbullish signals for Ethereum on the X platform. He observed a promising buy signal on Ethereum's 8-hour chart that could lead to a price rebound if macroeconomic conditions improve.

BREAKING: #Ethereum 8-hr chart has a pending buy signal.
Bullish divergence
Reversal candle
Price is back above 200-week ma, trending dots, & downward trendline pic.twitter.com/tfNwyfLs56

- Jesse Olson (@JesseOlson) September 10, 2024

In addition, Olson noted a bullish divergence and a potential reversal candle, suggesting an upward momentum shift. He highlighted that Ethereum is reclaiming the 200-week moving average and breaking above a key trendline.

Crypto analyst Daan Crypto Trades supports Olson's view. He noted Ethereum's bounce from support levels and its potential for a breakout if it consolidates above $2,850. Reaching this level could drive Ethereum toward the $3,000 mark.

These positive signs boost investor confidence and could support Ethereum's price recovery. If Ethereum maintains its current trajectory, it might see a significant price increase.

Ethereum Struggles Near Key SMA Levels - Is a Bullish Breakout Possible

Ethereum's price is currently hovering around its 50-day Simple Moving Average (SMA) line. It remains below the more crucial 200-day SMA, signaling that bearish sentiment still dominates the market.

Additionally, the MACD is slightly above its signal line, with weakening green histogram bars, suggesting that buying momentum might be fading.

Ethereum's price must climb above the 50-day- and 200-day SMA lines for a bullish breakout to occur. If these conditions are met, a bullish breakout is possible, potentially changing Ethereum's current trajectory.

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Memebet Casino - A Promising Ethereum Alternative for Crypto Degen Gamers

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Memebet Token's Unique Features

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The $MEMEBET token is central to this ecosystem, offering play-to-earn airdrops, exclusive rewards, and Lootbox bonuses. High-volume players can unlock more rewards and gain access to an exclusive VIP community, making $MEMEBET more than just a meme coin.

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$MEMEBET offers an entry opportunity for casino enthusiasts looking to venture into the crypto market. One $MEMEBET token trades at $0.025, with only a few hours until the price increases. So, now might be the best time to secure your MEMEBET coins using Ether, USDT, or a bank card. Visit the website to learn more.

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