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Ethereum Price Prediction: ETH Breaches $3K Again On Dencun Upgrade And Ether ETF Optimism As Time Runs Out To Buy This Soaring ICO

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Ethereum price
Ethereum price

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The Ethereum price is up almost 2% in the last 24 hours to trade for $3,065 as of 5:30 a.m. EST time on trading volume that jumped 10%.

ETH’s latest breach of the $3,000 psychological level comes amid optimism on two themes. First, following the approval of spot Bitcoin exchange-traded funds (ETFs) in January, markets are hoping for approval of Ether ETFs, too, as early as May.

With growing anticipation for an ETH ETF, the fear of missing out (FOMO) is also driving investors. Staking and restaking narratives continue to drive demand for Ethereum. A potential spot ETH ETF approval could also reduce market supply, which explains the current heightened bullish sentiment.

Another driver for the Ether market is the Dencun Upgrade, activated on the Goerli testnet on January 17 to introduce multiple Ethereum Improvement Proposals (EIPs). These include EIP-4844, which allows the proto-dank sharding featured to reduce transaction fees in the Layer 2 (L2) space. The Dencun upgrade completed phase 3 of testing with its launch on the Holesky testnet on February 7.

In a February 8 announcement, Ethereum developer Tim Beiko revealed that the Dencun upgrade is coming to the mainnet at “slot 8626176.” Blockchain research firm Nethermind added that this would take place on March 13, 2024, at approximately 13:55:35 UTC.

With the optimism for an ETH ETF and the Dencun upgrade driving the Ether market, the Ethereum price remains broadly bullish, with multiple headlines highlighting that it is outperforming Bitcoin. The aggregate ETH market sentiment is distinctly bullish.

Ethereum Price Prediction With Hype Around The Dencun Upgrade And A Potential ETH ETF

With abounding optimism, the Ethereum price has broken above the upper boundary of the ascending parallel channel to record a peak of $3,135. However traders are already booking profits, as indicated by the red Japanese candle on the ETH/USDT daily chart below. There is also a sell signal seen on the chart, which was activated when the Relative Strength Index (RSI) crossed below the signal line (yellow band). While ETH is overbought, seen with the RSI above 70, the Proof-of-Stake (PoS) token will only be ripe for selling once the RSI crosses below 70, according to technical analysis expert Welles Wilder.

In the meantime, however, the market still favors the upside, with the bulls maintaining a strong presence in the ETH market. This is seen with the large volumes of green histogram bars on the Awesome Oscillator (AO) indicator.

The Moving Average Convergence Divergence (MACD) indicator also remains above its signal line (orange band), with its histogram bars still in positive territory. This strengthens the bullish outlook seen in the Ethereum price.

Enhanced buyer momentum could see the Ethereum price clear the $3,135 range high to create a new local top. If the bulls have their way, likely targets for ETH include the $3,500 milestone, or in a highly bullish case, hit the $4,000 psychological level. Such a move would constitute a 30% climb above current levels.


TradingView: ETH/USDT 1-day chart

Converse Case

On the other hand, if the bears have their way, the Ethereum price could drop, falling below the $3,000 milestone and with it, into the confines of the channel. If the $2,905 support breaks, which has held the price since February 19, it could see ETH extend the fall.

An extended fall could see the Ethereum price test the midline of the channel, which confluences with the centerline of the Bollinger indicator and the long moving average at $2,985. In a dire case, ETH could drop further to the 50% Fibonacci retracement level at $2,615, below which the bullish supposition would be invalidated.

Meanwhile, amid anticipation of the Dencun upgrade and the prospects for an ETH ETF, investors are increasingly looking at Sponge V2. The token is ranked among the best penny crypto investments with potential for explosive growth.

The token comes into the scene after exponential gains recorded by its predecessor, Sponge V1, which thrived in 2023 with 100X gains. Can Sponge V2 register the same success? This video has some answers:

Promising Alternative To Ethereum

Standing among the best crypto ICOs of 2024, Sponge V2 is one of the latest meme coin sensations, building on the success of its predecessor, Sponge V1. The forerunner made headlines during the May 2023 season with 100X gains after launch. Now investors and analysts alike anticipate even better performance from the new, upgraded version.

Taking the baton from Sponge V1, Sponge V2 brings forth better features and increased value for token holders. Among them is staking, providing an opportunity to earn passive rewards.

According to Youtube analyst Alessandro De Crypto, Sponge V2 will be the next big meme coin star, following the likes of Dogecoin (DOGE), Bonk (BONK), and Pepe (PEPE).

Sponge V2 introduces a unique token distribution method, stake-to-bridge, where users stake their older tokens for the new version. The staking function has received massive support, with upwards of 8.636 billion tokens already staked. The holders enjoy an impressive annual percentage yield (APY) of over 187% on Ethereum and 815% on Polygon.

New entrants into the Sponge V2 ecosystem can acquire the tokens through the website using ETH, USDT, or a credit card.

Those who do not already hold SPONGE V1 must purchase the V1 version. You can then stake these holdings in the bridging contract.

For more information and to buy Sponge V2, visit the website here.

Also Read:

Smog (SMOG) - Meme Coin With Rewards


Smog token
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Smog token

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