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Ethereum is trading for $3,936 at 04:50 EST on a volume of 23% less.
Bitcoin’s price is still fluctuating below the psychological $69,000 level, amid an uncertain cryptocurrency market.
The Ethereum price continues to steadily inch towards $4,000, levels last seen back in January 2022.
A Bitwise analyst has said that Bitcoin is still the most talked about topic after it. “sucked up all the attention” Ether’s price could double this year.
Ether $ETH Has been “largely overshadowed” Bitcoin $BTC According to Bitwise analysts, the price of the laggard has been stagnant for several months. However, it could double by 2024.
Dencun This Month upgrade in mid March will make transactions cheaper on layer 2 networks, which… pic.twitter.com/4P85InbtcH
— DefiDive (@defi_dive) March 8, 2024
Juan Leon, an asset manager Bitwise cryptocurrency analyst, told CoinDesk the Ethereum price could reach $10,000 or higher this year.
“Bitcoin has sucked up all the attention with the bitcoin ETFs launching,” “, said the analyst. “but [ETH] has at least two major catalysts that will come into focus.”
Why the Bitwise Analyst is Optimistic About Ethereum Price
The Bitwise analyst attributes the optimism of the Ethereum network to two bullish fundamentals.
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Dencun Upgrade
Ethereum Core developers said that the Dencun upgrade The Holesky Testnet was successfully deployed early on 31 January. The release was smooth and the upgrade It is almost ready to be released on the mainnet and could arrive in March 2024.
Parithosh J, Ethereum Core developer on the social media platform X said in a series posts that the next Dencun – step up for the Dencun upgrade Launch of the mainnet.
Holesky finalized for Deneb😀
So far, the blobs flowing through the churn look great!
Next stop, Mainnet! https://t.co/MiEsJfHvFz
— parithosh | 🐼👉👈🐼 (@parithosh_j) February 7, 2024
In retrospect, the testnet’s rollout wasn’t a big deal. This result has inspired greater confidence among Ether holders. Terrence, a Core developer from Core, said that the node count had decreased by 5%. He said that this was due to the fact that node operators were offline. The developer emphasized that no bugs have been reported.
Holesky is ready for Deneb. Another successful upgrade!!
Participation fell by about 5%. This is due, I think, to operators not being online. I haven’t seen any bugs yet. https://t.co/qlrZFedAnN
— terence.eth (@terencechain) February 7, 2024
Dencun is a simple language for the layperson. upgrade is expected to make transactions cheaper on layer 2 (L2) networks. This would increase the network’s activity and attract mainstream, mass consumers to Ethereum, said Leon.
The Bitwise analysts have acknowledged this. “most of the positive sentiment will happen weeks and months after the upgrade as the effects take place.”
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ETH ETFs
There is speculation that an Ethereum ETF will be launched soon. This assumption is based on the fact that spot BTC ETFs have been approved by a landmark ruling made on January 10.
Bitwise’s Leon says that, while it remains uncertain if ETH exchange-traded funds will follow given the odds are lower than the BTC alternatives, the mere possibility of ETH ETFs is a source Excitement amongst community members. The analyst will give a chance of 50%-60% for approval.
Ether’s appeal would be increased among institutional investors who are more conservative than BTC, if an approval were to occur.
Some other fundamentals could also be positive for the Ethereum price, including ETH’s restaking, deflationary stock, and enhanced decentralized financial (DeFi).
Ethereum Price Outlook: Bitwise Analysts Predict More Gains in ETH
Ethereum is closing in fast on the $4,000 psychological threshold. The Relative Strength Index, or RSI, is rising. This is accentuated with the increasing bars of the Volume indicator. The volume indicator shows a growing bullish trend.
If Ethereum’s price closes above $4,000 in a candlestick, Ether will be able to reclaim the all-time high at $4,868. This would be a 23% increase over current levels. In a very bullish scenario, Ethereum’s price could rise to the psychological level of $5,000, marking a record high.
TradingView: ETH/USDT 3-day chart
Profit booking, on the other hand could stop the rally and send the Ethereum price down. This could provide ETH with another opportunity to buy around the $3602 threshold. next leg up.
While many investors are still looking for opportunities, others are focusing on the future. GBTCMany experts believe that is the best cryptocurrency to buy right now.
A Promising Alternative to Ethereum
GBTC, which has raised almost $2.5 from investors who were attracted to the Bitcoin bull market, is on a high. It is the ticker of the Green Bitcoin ecosystemA predict-to earn project, built on Ethereum’s standard ERC-20 token, is built using this infrastructure.
$2M raised!
We’re thrilled to be able to include you in our Green Revolution.
We’re building a huge thing! pic.twitter.com/RDOvEyCyGW
— GreenBitcoin (@GreenBTCtoken) March 6, 2024
GBTC is a gamified staking system where participants earn rewards for predicting the Bitcoin value. The platform combines gamified predictions with staking, and rewards GBTC holders for completing the weekly challenges. Token bonuses of up to 100% are also available. There are BTC daily and weekly price prediction challenges with attractive rewards.
Green Bitcoin: A revolutionary Predict-to-Earn token.
Join our Gamified Green Staking Platform where your predictions will turn into profits.
Website: https://t.co/dG5cEeCtRs
Telegram: https://t.co/bWanoe0vHv pic.twitter.com/eXuGQBkxio— GreenBitcoin (@GreenBTCtoken) December 3, 2023
The project presents a sustainable staking model called ‘Gamified Green Staking’ where users can earn passive income through staking rewards. The initiative adopts a sustainability approach and attracts eco-conscious institutions, as well ESG-focused investors.
Energy-efficient Ethereum network proof-of-stake The project’s mechanism delivers a 10,000-fold reduction of energy consumption when compared with Bitcoin proof-of-work model.
Green Bitcoin already has $2.47million in funding, out of the $2.535million target. The token currently sells for $0.6882. A price increase is expected in less than 4 days.
Please read:
Green Bitcoin – Gamified Green Staking
- Contract Audited by Coinsult
- Early Access Pre-sale Live Now at greenbitcoin.xyz
- Cointelegraph: Predict To Earn
- Staking Rewards & Token Bonuses
- Raised $1 Million and More
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“This article is not financial advice.”
“Always do your own research before making any type of investment.”
Source: insidebitcoins.com