Ethereum (CCC:ETH-USD) is leading a pack of cryptocurrencies to new all-time highs just one day ahead of a scheduled development update for the ether network. Dogecoin (CCC:DOGE-USD) and Bitcoin (CCC:BTC-USD) likewise rallied to new all-time highs today as cryptocurrencies surge ahead of Wednesday’s Coinbase (NASDAQ:COIN) IPO (initial public offering).

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Wednesday’s Berlin hard fork is an update to the Ethereum network that will reduce fees for various transactions. High GAS fees have been a huge sticking point for the ethereum blockchain, particularly as the hype around non-fungible tokens swelled in the first quarter of this year. Those transaction fees have been a boon for various competitors, but have recently declined as traders shift to a different type of bot for closing transactions.

However, the imminent update isn’t the only good news for ether bulls. On Monday, Nvidia (NASDAQ:NVDA) tripled its expected 2022 Q1 revenue from sales of a cryptocurrency mining processor (CMP) designed for industrial ethereum mining. Then on Tuesday, Ethereum software developer Consensys just raised $65 million in funding from a number of financial players, including JP Morgan (NYSE:JPM) and MasterCard (NYSE:MA).

Speaking of finance, payment processor Visa (NYSE:V) just handled its first bitcoin payment a couple weeks ago. All of that comes against a wider backdrop of increased investment in ether, with record trading volumes in ethereum futures last week.

Wednesday’s Berlin hard fork will be followed by a May 1 hard fork to introduce the EtherLite chain. By switching to a pure proof-of-stake consensus, transactions will be much faster and more scalable. Moving to proof-of-stake has been on the Ethereum roadmap for years, but could be fast-tracked for as soon as this year, though this would slash rewards for ether miners.

Ethereum (ETH) Price Predictions

With Ethereum presently trading just under $2,300, what will ether do next? Here are some Ethereum (ETH) price predictions:

  • Yesterday, FXStreet said a breakout above $2,200 would help push Ethereum to $2,400. Two days ago, the site said Ethereum could climb above $3,200 with enough bullish buying.
  • Benzinga says $2,700 will be the next major resistance level for Ethereum, based on historical data.
  • Coinpedia has a very optimistic Ethereum (ETH) price prediction, saying the token could see dramatic upswing in prices to reach $10,000 before the end of 2021. They go on to say Ethereum could reach $25,000 by the end of 2022 and $50,000 by the end of 2025.
  • Wallet Investor has a one-year forecast of $3,144 and a five-year forecast of $7,168 for Ethereum.
  • Trading Beasts predicts Ethereum will end the year just under $2,000.
  • Digital Coin Price has an Ethereum (ETH) price prediction of $3,224 by the end of 2021 and $6,969 by the end of 2025.

On the date of publication, Vivian Medithi did not have (either directly or indirectly) any positions in the securities mentioned in this article.

Article printed from InvestorPlace Media,

©2021 InvestorPlace Media, LLC

(Excerpt) Read more Here | 2021-04-13 14:13:00
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