The price of cryptocurrencies can change anytime, and the same thing applies to Ethereum. You can never say never when it comes to issues regarding Ethereum price. The same with the prediction that Ethereum will get to $100k.
Making predictions is one thing, but achieving them is another matter entirely. For the Ethereum expected price to be a reality, many factors and circumstances must align. To shed light on the matter, we have compiled a comprehensive breakdown of the elements impacting Ethereum's journey toward $100k.
Continued Ethereum Upgrades
It's crucial to update your phone or laptop with the latest upgrades to improve performance. The same goes for cryptocurrencies. Constantly improving them helps to attract more users and enthusiasts.
In Ethereum's case, continuing major upgrades will allow the cryptocurrency to achieve the Ethereum price prediction of $100k. Ethereum Improvement Proposals (EIPs) are upgrades on the Ethereum network to improve it.
For instance, the Ethereum Merge helped move the Ethereum blockchain from proof-of-work protocol to proof-of-stake. In the same way, the Ethereum Shanghai upgrade allowed validators to withdraw their staked Ethereum. So Ethereum to 100k can be achieved if only there are continued improvements through EIPs.
Favorable Regulation
Regulation has grown to become a critical aspect of the crypto industry. The laws governments make and their decisions regarding the crypto industry will have much to do with Ethereum price prediction. It is even visible in the current market situation.
The legal disputes between the Securities and Exchange Commission and crypto companies have a detrimental impact on cryptocurrencies, including Ethereum. Nevertheless, the situation could improve if the government enacts laws that support the crypto industry. This would require loosening strict regulations and providing transparent guidelines. Once these changes are implemented, Ethereum will have more room to grow and reach new heights.
Celebrity Support
Although some celebrities have identified using Ethereum, it is not enough to push the price over the $100k range. An excellent example in the crypto industry that showcases the importance of celebrity support is Dogecoin.
Dogecoin has the backing of famous tech billionaire Elon Musk. Elon Musk himself termed Dogecoin as his favorite cryptocurrency at some point. In the same way, Ethereum getting more celebrities that publicly support and push for the adoption of the cryptocurrency will go a long way to driving the price. For instance, a single tweet from Elon Musk regarding Ethereum will have a trailblazing effect.
If Elon Musk were to tweet that "Ethereum is the best crypto," it could potentially cause the price of ETH to reach new heights. Now imagine if other famous billionaires made similar statements. Celebrities have a large fan base, and by making these tweets, they could encourage their followers and existing crypto enthusiasts to invest more in Ethereum.
Institutional Backing
Besides celebrities, another scenario that will be important for Ethereum to hit 100k will be institutional backing and support. Institutional backing is when more traditional companies start supporting Ethereum.
Companies in the banking and finance, fintech, e-commerce, and social media sectors can greatly contribute to boosting Ethereum's value. For instance, if Amazon were to announce tomorrow that Ethereum is their main cryptocurrency for payments, it would significantly impact ETH's price or if Twitter integrates Ethereum as the only cryptocurrency for its payments. Institutional support can work wonders for Ethereum's growth.
Expansion of DeFi and NFT Market
Finally, the DeFi and NFT markets' expansion and success will directly impact Ethereum's price. Decentralized finance is part of the crypto industry whose primary aim is achieving the original objectives of Bitcoin creation.
Decentralized finance empowers users to set their terms and conditions for crypto trading. However, due to its complexity, centralized exchanges are more commonly used. If DeFi gains popularity in the crypto industry, it will directly impact the price of Ethereum. Ethereum holds a significant position in the DeFi sector and is a top blockchain for launching smart contracts.
After all, the Ethereum blockchain was built to allow the development of decentralized apps and services such as smart contracts. Ethereum passive income potential gives it the most significant stake in the DeFi ecosystems. The same applies to NFTs; an increase in NFT market valuation will directly impact Ethereum.