On March 4, the Ethereum price reached a new peak of $3,740. ETH 2.0 staking trend suggests the Dencun upgrade More gains could be made.
Bitcoin is outperforming Bitcoin.BTCIn the first week in March, Ethereum bulls doubled their stakes in anticipation of a price increase in February 2024.
The Dencun Upgrade is expected to bring about further gains. ETH As the week progresses, price is expected to try and reclaim another $4,000 in the coming days.
ETH 2.0 staking deposits cross $115 billion milestone
Early February, ETH developers announced the launch date of the mainnet on March 13. Dencun upgrade. The critical “proto-danksharding” The feature aims at reducing transaction costs on Ethereum and its auxiliary Layer-2 networks.
The price of Ethereum reached a new peak in 2024 at $3,743 per coin on 5 March, causing investors to worry that they could begin booking profits.
Dencun upgrade On-chain data on the ETH 2.0 beacon chains shows that investors are still bullish and have staked their coins, rather than selling at current historical prices.
Total stake deposits in the ETH Proof of Stake Network (PoS), which rose from 30,569 041 ETH, now exceed 31.3 Million ETH. This marks an important milestone as the overall stake Value has now reached the $115 billion milestone.
Staking deposits that are increasing generate positive momentum for any Proof-ofStake network. It improves the security and stability of the network, which is important during a period of high network activity.
Second, it shows that ETH investors, despite the high prices, are still playing for the long term, and there is a lot of optimism around the Dencun. upgrade.
Ethereum stakes have reached $115 billion and prices are still trending at a three-year high. This indicates that investors believe the upcoming improvements to the network could further drive the rally.
Forecast: Can Ethereum reach $4,000 before Dencun? upgrade?
Data-driven insights are derived from the analysis of staking trends. Ethereum’s price is currently poised for a further rise to $4,0000 in the lead up to the Dencun. upgrade Scheduled for March 13
First, ETH must establish a steady support level above $3,800. The bulls will have to withstand the wave of profit-taking from the 8.7 million addresses who bought 3.4 million ETH in 2021 when the price reached $4,000 for the last time.
If ETH is able to break through this final resistance, it could lead the price of ETH towards its highest levels above $4,000.
On the downside the bears may invalidate this ETH prediction by staging a second reversal beneath $3,000 As observed over the last week, the Buy-Wall at $3,100 offers significant support to ETH’s price in the short term.
“This article is not financial advice.”
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Source: crypto.news