Ethereum tokens have crossed a major psychological milestone. They are up by 2.60% in the last 24 hours, exchanging hands at $2,529.30 at the time of writing this article. ETH was, for a long time, hovering within a limited range of $2,100 and $2,450. It happened despite a rate cut by the Federal Reserve. However, tides have changed their course, and Ether is beyond the much-awaited mark on the price chart. Its next target is $2,850, potentially by the end of October 2024.
The current gain reflects a rise of 4.48% in the last 30 days and 1.66% in the last 7 days. The trading volume, which has increased by 35.95% to approximately $12.48 billion, is the most effective factor. Plus, Vitalik Buterin has announced fundamental changes to Ethereum. They are based on three core pillars: economic alignment, technological interoperability, and shared values and cultures. The ultimate goal is to bring the Ethereum community together on a common platform, which serves as the foundation for the EIP-7762 proposal.
According to Vitalik, the co-founder of Ethereum, the proposal has the potential to significantly alter the way developers distribute fees and leverage scalability. Both are crucial aspects of the ecosystem, along with Rollups, which were mentioned by him recently.
He stated that Rollups will essentially back the way any further change is implemented. Their primary role has been recognized for grouping transactions and executing them on-chain, resulting in increased efficiency and economic benefits.
Adding to that is the proposal to have a new fee-sharing arrangement. EIP-7762 aims to introduce a more equitable and balanced fee distribution model between users and validators, but it faces significant challenges due to widespread criticism of transaction fees.
Nevertheless, surpassing $2,500 paves the way for a higher value per Ethereum price forecast. It estimates the token to rise to $3,812.83 by the end of 2024. An alternative and the most popular prediction suggests that the token will surpass the $4,000 mark. A lot depends on how near-term predictions work out—the next 30 days are speculated to see a rise of approximately 6.85% from the current value, taking ETH to $2,612.38 amid the volatility of 4.59%, which comes on a lower side.
The 50-day SMA is $2,504.36, signaling that Ether has started seeing an uptrend. Overall sentiments are neutral, as indicated by the 14-day RSI, which currently stands at 48.46 points.
All eyes are also focused on the performance of Spot Ether ETFs. The last number was a net outflow of $0.1 million on October 11, 2024, taking the cumulative historical net outflow to $546.1 million. Some of the factors that could affect flows to Spot Ether ETFs and prices of Ethereum tokens are rate cuts, US elections, and concerns about inflation due to high oil prices.