The price of Ethereum, the second-largest cryptocurrency, increased significantly in March 2024, much like that of Bitcoin. From March 7 to March 13, it increased to $4,044, a significant weekly gain of 7.75%. This occurred due to Bitcoin’s increased value and increased demand.
The number of Americans purchasing cryptocurrencies is rising, and there are new ways to invest in Bitcoin. Additionally, an Ethereum upgrade is about to be released. The combination of all these factors caused Ethereum’s price to rise, drawing the interest of several traders and investors.
ETH Technical Analysis: $3500 Price Level
It is significant that Ethereum reached the $3500 mark in March 2024. Ethereum’s price remains near this level, demonstrating its strength despite a slight decline after a successful upgrade. The rise in financing rates demonstrates that many people are optimistic about Ethereum’s future.
Additionally, most Ethereum owners already own it since they made money when they purchased it, so they may not want to sell just yet, contributing to the price increase.
However, a large number of Ethereum owners purchased the cryptocurrency at an average price of $3300, and they may wish to refrain from selling either, which might hinder further price growth. However, Ethereum might surpass $3500 in the near future if traders who predict an increase in price are correct.
Factors supporting the ETH price surge to $4580
A number of variables could cause Ethereum (ETH) to soar above $4580. Based on past trends, experts predict that Ethereum’s price will increase following the halving of Bitcoin. There is differing speculation over the approval of an Ethereum exchange-traded fund (ETF), with some forecasting a bullish reaction, particularly if it involves staking.
Due to the recent collapse in Ethereum’s price, traders incurred significant losses, and losses might ensue if the price drops further. Although some analysts think the market needs to place more emphasis on the acceptance of ETFs, others predict a spike.
Furthermore, traders have observed trends in Ethereum’s price chart that are similar to past Bitcoin halvings that resulted in notable price gains.
Given Ethereum’s remarkable rise of more than 100% in just three months following the last Bitcoin halving in 2020, it is possible that the upcoming halving could result in a comparable spike in value. According to Ethereum price prediction, if ETH continues to rise beyond $3500, as many traders have suggested, it may eventually hit $4580.
Conclusion – What lies ahead for ETH price?
Like Bitcoin, Ethereum (ETH) has demonstrated remarkable endurance and growth in recent times. Significantly, ETH has remained at $3500 despite several ups and downs. This is a result of increased confidence in Ethereum among users, particularly in light of upcoming developments like the Ethereum upgrade.
However, it is critical to consider market volatility as well as external variables that could affect ETH’s trajectory. Overall, Ethereum’s price may continue to rise in the future, but it’s crucial to monitor any changes in the market and other variables that may impact it.
Source: https://www.cryptonewsz.com/ethereum-eyes-4580-usd-if-it-sustains-above-3500-usd-traders-opinion/