Like Bitcoin, Ethereum has also picked up steam, with the second-largest crypto token crossing the $3,000 resistance level for the first time since 2021. Interestingly, this crypto analyst believes the rally is far from over, as he highlighted a key price level that ETH could hit soon enough.
Ethereum Could Rise To As High As $4,000
Crypto analyst Altcoin Sherpa suggested in an X (formerly Twitter) post that Ethereum could rise to as high as $4,000. His prediction looks feasible when one considers crypto analyst Bitcoin Ape’s recent analysis of Ethereum from a technical analysis perspective.
In his X post, Bitcoin Ape noted that the ADX (average directional index) indicator is currently “very high,” signalling that ETH’s bullish trend is strong. Indeed, this bullish momentum might be very strong as the crypto token has since crossed the $3,130 price level, which Bitcoin Ape highlighted in his post as ETH’s new resistance level.
Interestingly, the analyst noted that Ethereum had already faced four resistance levels in February alone and has so far broken all of them, having also crossed the $3,130 mark. Although Bitcoin Ape failed to give his short-term prediction for ETH, he expects the crypto token to hit its all-time high (ATH) of $4,891 when the bull run returns in full force.
Meanwhile, Altcoin Sherpa isn’t the only one who believes that ETH could rise to $4,000 soon enough. Standard Chartered Bank had also predicted that the crypto token would hit this price level by the time the Spot Ethereum ETF is approved in May.
Crypto analyst Rager also recently gave a bullish prediction for ETH’s price, although he put his short-term target at $3,500. However, he added that this price level is only the beginning, stating that it isn’t the “peak high by any means.”
Ethereum’s Rally Not Hinged On Bitcoin’s Success
There is reason to believe Ethereum’s current bullish momentum isn’t due to Bitcoin’s price surge, as the Ethereum ecosystem also has narratives that may be driving ETH’s rally. For one, the Ethereum network’s ‘Dencun’ upgrade is set to take place on March 13. This much-anticipated event is significant as it would usher in advancements in the scalability, security, and usability of the Ethereum network.
Meanwhile, talks about a Spot Ethereum ETF likely being approved in May have created a lot of excitement for investors who have chosen to double down on their investments in the second-largest crypto token in anticipation of this happening.
The increased interest in ETH is expected to spark significant rallies in its price ahead of the May deadline, when the SEC will have to approve or deny VanEck’s Spot Ethereum ETF application.
ETH bulls maintain hold above $3,200 | Source: ETHUSD on Tradingview.com
Featured image from Bitcoinist, chart from Tradingview.com
Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.
Like Bitcoin, Ethereum has also picked up steam, with the second-largest crypto token crossing the $3,000 resistance level for the first time since 2021. Interestingly, this crypto analyst believes the rally is far from over, as he highlighted a key price level that ETH could hit soon enough.
Ethereum Could Rise To As High As $4,000
Crypto analyst Altcoin Sherpa suggested in an X (formerly Twitter) post that Ethereum could rise to as high as $4,000. His prediction looks feasible when one considers crypto analyst Bitcoin Ape’s recent analysis of Ethereum from a technical analysis perspective.
In his X post, Bitcoin Ape noted that the ADX (average directional index) indicator is currently “very high,” signalling that ETH’s bullish trend is strong. Indeed, this bullish momentum might be very strong as the crypto token has since crossed the $3,130 price level, which Bitcoin Ape highlighted in his post as ETH’s new resistance level.
Interestingly, the analyst noted that Ethereum had already faced four resistance levels in February alone and has so far broken all of them, having also crossed the $3,130 mark. Although Bitcoin Ape failed to give his short-term prediction for ETH, he expects the crypto token to hit its all-time high (ATH) of $4,891 when the bull run returns in full force.
Meanwhile, Altcoin Sherpa isn’t the only one who believes that ETH could rise to $4,000 soon enough. Standard Chartered Bank had also predicted that the crypto token would hit this price level by the time the Spot Ethereum ETF is approved in May.
Crypto analyst Rager also recently gave a bullish prediction for ETH’s price, although he put his short-term target at $3,500. However, he added that this price level is only the beginning, stating that it isn’t the “peak high by any means.”
Ethereum’s Rally Not Hinged On Bitcoin’s Success
There is reason to believe Ethereum’s current bullish momentum isn’t due to Bitcoin’s price surge, as the Ethereum ecosystem also has narratives that may be driving ETH’s rally. For one, the Ethereum network’s ‘Dencun’ upgrade is set to take place on March 13. This much-anticipated event is significant as it would usher in advancements in the scalability, security, and usability of the Ethereum network.
Meanwhile, talks about a Spot Ethereum ETF likely being approved in May have created a lot of excitement for investors who have chosen to double down on their investments in the second-largest crypto token in anticipation of this happening.
The increased interest in ETH is expected to spark significant rallies in its price ahead of the May deadline, when the SEC will have to approve or deny VanEck’s Spot Ethereum ETF application.
ETH bulls maintain hold above $3,200 | Source: ETHUSD on Tradingview.com
Featured image from Bitcoinist, chart from Tradingview.com
Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.
Thank you for your sharing. I am worried that I lack creative ideas. It is your article that makes me full of hope. Thank you. But, I have a question, can you help me?
buy generic clomiphene without dr prescription clomid bula homem where buy generic clomid where to buy cheap clomid no prescription clomiphene generic name can you get cheap clomid prices can i get cheap clomid
Good blog you have here.. It’s intricate to assign great status script like yours these days. I truly recognize individuals like you! Take mindfulness!!
Very interesting info !Perfect just what I was looking for!
I am in truth delighted to coup d’oeil at this blog posts which consists of tons of worthwhile facts, thanks representing providing such data.
buy azithromycin online – order tinidazole 300mg without prescription flagyl 400mg cost
rybelsus tablet – rybelsus buy online buy periactin 4 mg for sale
An attention-grabbing discussion is price comment. I think that it is best to write more on this subject, it won’t be a taboo topic however typically individuals are not enough to speak on such topics. To the next. Cheers
inderal 10mg usa – buy inderal tablets purchase methotrexate generic
amoxil over the counter – combivent cheap ipratropium tablet
azithromycin 500mg tablet – bystolic 5mg drug nebivolol 20mg sale
buy augmentin 375mg online – https://atbioinfo.com/ acillin generic
esomeprazole drug – anexamate order nexium 40mg
buy coumadin without prescription – anticoagulant cozaar 50mg us
buy generic meloxicam for sale – swelling meloxicam order online
I genuinely enjoy examining on this internet site, it holds excellent blog posts. “A short saying oft contains much wisdom.” by Sophocles.
buy prednisone generic – https://apreplson.com/ prednisone 5mg tablet
sexual dysfunction – https://fastedtotake.com/ buy ed pills no prescription
amoxil order online – https://combamoxi.com/ amoxil pills
fluconazole 100mg price – https://gpdifluca.com/# cheap diflucan 100mg
order cenforce for sale – https://cenforcers.com/# buy generic cenforce for sale
trusted online store to buy cialis – https://ciltadgn.com/ cialis stopped working
tadalafil lowest price – https://strongtadafl.com/ sildenafil vs tadalafil which is better
buy ranitidine generic – https://aranitidine.com/# buy generic zantac