JP Morgan analysts have predicted that Ethereum is likely to outperform bitcoin and other cryptocurrencies after its EIP-4844.
The upgrade is expected to lower Ethereum transaction costs for users and increase Ether adoption.
Analysts have predicted an Ethereum price rally to the $3,400-$3,800 range in the first quarter of 2024.
Analysts at Wall Street banking giant JP Morgan said in a research note that they believe Ethereum is poised to outperform bitcoin in the first quarter of 2024, reports The Block. The bullish thesis for ETH stems from the upcoming EIP-4844 upgrade to Ether’s blockchain.
The upgrade will enable proto-danksharding on the Ethereum chain and reduce transaction costs for users. Read more here.
Ethereum to outperform bitcoin with this upgrade
The most anticipated post-merge upgrade to the Ethereum network is proto-danksharding, EIP-4844. The upgrade is expected to reduce transaction costs and increase throughput, two of the biggest challenges currently facing the ETH blockchain.
Vitalik Buterin, the co-founder of Etheruem, has emphasized the importance of reducing ETH transaction fees in several interviews. The core developers are therefore focused on tackling this challenge with EIP-4844, in the first quarter of 2024.
According to a research note from analysts at banking giant JP Morgan, this upgrade alone is expected to boost the altcoin’s adoption and help ETH outperform bitcoin and its crypto rivals.
