Can Ethereum Price Exceed $12,000? JPMorgan Worries Bulls Over Claims Fusaka Boost Won’t Last
Ethereum's recent price rally faces scrutiny as JPMorgan warns that the network activity surge following December's Fusaka upgrade may not be sustainable, casting doubt on bullish predictions of ETH reaching five-figure prices. While the upgrade reduced transaction fees to record lows and drove active addresses and transactions to all-time highs, JPMorgan analysts note that historical Ethereum upgrades have failed to sustain network activity long-term.
Contrasting views exist: Bitmine's Tom Lee maintains a bullish outlook, projecting ETH could reach $7,000-$9,000 by end of January, and up to $12,000-$22,000 if Bitcoin hits $250,000. Meanwhile, VanEck's 2030 valuation framework includes a base case of $22,000, a bull case of $154,000, and an extreme scenario of $360,000, though it previously suggested a bear case as low as $300.
Technically, Ethereum faces resistance at $3,438, with momentum indicators weakening and price slipping below the 20-day EMA. A break below $3,100 support could push ETH under $3,000, though a bullish scenario could see a rally toward $3,942 and potentially $4,300.
ccn.com01/24 10:12