Ethereum

Spot

Daily

The second largest cryptocurrency by market cap, <a href="https://www.newsbtc.com/news/ethereum/ethereum-eth-has-left-circulation/#:~:text=According%20to%20data%20from%20Ultrasound,issued%20during%20this%20same%20timeframe." rel="nofollow noopener" target="_blank">Ethereum</a>, is the crypto token in focus as this crypto analyst has eleven reasons why it is “programmed” to hit $10,000. Interestingly, one of the reasons he outlined happens to be one of the <a href="https://www.newsbtc.com/news/ethereum/ethereum-eth-has-left-circulation/#:~:text=According%20to%20data%20from%20Ultrasound,issued%20during%20this%20same%20timeframe." rel="nofollow noopener" target="_blank">recent major talking points</a> in the Ethereum ecosystem.&nbsp; 
<h2 id="why-ethereum-will-easily-hit-10-000">Why Ethereum Will “Easily” Hit $10,000</h2> 
In a <a href="https://x.com/AltcoinDailyio/status/1736924859782074463?s=20" rel="nofollow" target="_blank">post</a> on his X (formerly Twitter) platform, prominent crypto analyst Altcoin Daily mentioned Ethereum’s deflationary status as one of the reasons it will “easily” hit $10,000. This has been a major talking point even as the number of ETH burned continues to outpace the number of those issued.&nbsp; 
This is undoubtedly a positive sign for the ecosystem, as it is common knowledge <a href="https://bitcoinist.com/shiba-inu-team-carries-out-massive-shib-burn-triggers-779000-spike/">the effect that token burns</a> can have on the value of the tokens still in circulation. <a href="https://bitcoinist.com/ethereum-price-surges-as-london-hard-fork-goes-live/">Ethereum’s EIP-1559 protocol</a> has meanwhile been credited for this current deflationary status as more ETH have had to be burned due to the spike in transaction fees.&nbsp; 
This significant spike in transaction fees has always been a major downside to using Ethereum. However, things could change soon enough as transaction fees are expected to reduce significantly with the <a href="https://www.newsbtc.com/news/ethereum/upcoming-ethereum-upgrade-to-reduce-fees-details/" rel="nofollow noopener" target="_blank">EIP4844 upgrade</a> on the horizon. Altcoin Daily outlined that has another reason why ETH will definitely hit $10,000. More users could be onboarded following this. 
Ethereum’s layer-2 networks also continue to thrive with network activity across these <a href="https://bitcoinist.com/shibarium-transactions-reach-new-network-milestone/">blockchains on the rise</a>. The analyst believes that the success of these layer-2 networks will also influence ETH’s rise to $10,000. More layer-2 networks and dApps are expected to be built on top of the Ethereum network. This is another reason why $10,000 Ethereum is “programmed.” 
<img loading="lazy" decoding="async" class="aligncenter size-medium" src="https://www.tradingview.com/x/RBWOqwvo/" alt="Ethereum price chart from Tradingview.com" width="3266" height="1530"> 
<h2 id="everything-about-eth-is-bullish">Everything About ETH Is Bullish</h2> 
Bitcoinist <a href="https://bitcoinist.com/ethereum-generates-10-billion-revenue-7-years/">reported </a>in September how Ethereum had generated over $10 billion in revenue in 7 years. This was more impressive, considering that ETH attained this milestone faster than top technology firms. Ethereum’s profitability is another reason why Altcoin Daily believes that ETH hitting $10,000 won’t be a problem at all.&nbsp; 
ETH had enjoyed an impressive ride in the last bull run, peaking at an all-time high of $4,891. Much credit was given to <a href="https://www.newsbtc.com/news/ethereum-defi-activities-on-a-roll-will-it-drive-a-bullish-price-surge/" rel="nofollow noopener" target="_blank">Ethereum’s DeFi landscape</a> as the reason for the boom. For ETH’s rise to $10,000, the crypto analyst is also betting on that to be a major influence, as he noted that there are higher yields and higher staking ratios now.&nbsp; 
In 2022, Ethereum transitioned from a proof-of-consensus mechanism to proof-of-stake. Certain key metrics have so far shown that the move <a href="https://bitcoinist.com/the-merge-ethereum-bitcoin-leading-eth/">has been disastrous</a> for ETH. However, Altcoin Daily notes that the fact that Ethereum is more energy efficient is another bullish indicator for ETH’s journey to $10,000. The fact that there is no longer sell pressure from miners also has a role to play, in his opinion.&nbsp; 
Finally, Altcoin Daily highlighted ETH being an “SEC safe commodity” as one of the factors that make the road to $10,000 very possible. The SEC is also expected to approve the pending <a href="https://bitcoinist.com/fidelity-ethereum-spot-etf/">Ethereum Spot ETFs</a> once it approves the Bitcoin Spot ETFs. That is <a href="https://www.newsbtc.com/news/ethereum/ethereum-price-predictio-3500/" rel="nofollow noopener" target="_blank">another event</a> that he believes will influence Ethereum’s meteoric rise.&nbsp;

‘Ethereum To $10,000 Is Programmed’: Analyst Gives 11 Reasons Why

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