Bitcoins are a digital currency. Ethereum The momentum has picked up, as the second largest crypto token crossed the $3,000 level of resistance for the very first time since the year 2021. The crypto analyst highlighted that he believes the rally has not yet ended. key price level That ETH will hit soon.
Ethereum could reach a high of $4,000
Crypto analyst Altcoin Sherpa said in an X message (formerly Twitter). post Ethereum’s price could reach as much as $4,000 When one looks at the recent technical analysis of Ethereum by crypto analyst Bitcoin Ape, his prediction seems plausible.
In this article, X postBitcoin Ape has noted that the ADX indicator (average direction index) is currently at a low level. “very high,” Signaling that ETH’s trend is bullish. Bitcoin Ape has highlighted that the bullish trend might be strong since the crypto token has crossed the $3.130 level. ETH’s new resistance level.
The analyst noticed that Ethereum The crypto token has broken through all four of the resistance levels it faced in February, and also reached $3,130. Bitcoin Ape has not given a prediction on ETH’s short-term performance, but he does expect it to reach its highest point (ATH) when the cryptocurrency is released. bull run Returns in full force
Altcoin Sherpa, however, is not the only source that believes ETH will reach $4,000 in the near future. Standard Chartered Bank also had predicted The crypto token will reach this level of price by the end of the year. Spot Ethereum ETF It is approved by the end of May.
Crypto analyst Rager recently gave He predicted a rise in the price of ETH, but set his short-term goal at $3,500. Nevertheless, he said that this price level was only the beginning. “peak high by any means.”
Ethereum’s rally is not dependent on Bitcoin’s success
You have reason to believe Ethereum’s current bullish momentum Ethereum’s rise is not just due to Bitcoin’s price. The Ethereum ecosystem has other narratives driving it. One of the reasons for this is that Ethereum’s ecosystem has narratives which may be driving ETH’s rally. Ethereum network’s ‘Dencun’ upgrade The event is scheduled for March 13. This highly anticipated event is important as it will usher in improvements in the scalability and security of the Ethereum Network.
Talks about a Spot Ethereum ETF Investors who are anticipating that the crypto token will be approved in May, have doubled down on their investment in the second largest cryptocurrency token.
It is anticipated that the increased interest in ETH will spark a significant rally in its price before the deadline of May, when the SEC You will either have to accept or deny VanEck’s Spot Ethereum ETF application.
ETH bulls continue to hold the $3,200 mark | Source: ETHUSD on Tradingview.com
Chart from Tradingview.com, image from Bitcoinist
Disclaimer: article This information is only for educational purposes. NewsBTC has no opinion about whether to purchase, sell or hold investments. Naturally, investing involves risks. It is recommended that you conduct your own research. own Research before investing. You are solely responsible for the use of information on this site. own risk.
“This article is not financial advice.”
“Always do your own research before making any type of investment.”
Source: www.newsbtc.com