The largest altcoin by market value continues the day with gains over 5%, and altcoins are rapidly increasing. While BTC is reaching higher peaks, altcoins are seeing relatively modest rises. For now, with the local peak set, we need to wait for the real movement in altcoins. So, what’s the latest on the Ether front?
Ethereum (ETH)
Ethereum, the largest altcoin by market value, has reached a value of 391 billion dollars. Bitcoin has risen to 1.11 trillion dollars, and the cumulative value is at the threshold of 2.2 trillion dollars. Bitcoin’s market dominance is strong, and there was a half-billion-dollar demand for ETFs yesterday. The fear and greed index rose to 76. Combining all these, we understand that we are in a day reminiscent of an exciting bull market.
What excites investors specifically about Ethereum is the potential for increased demand with the excitement of the upcoming spot Ethereum ETF decision as May approaches. Moreover, we will see a significant reduction in network transaction fees with the Dencun update in March.
Layer2 solutions will see more demand, ETF excitement will increase day by day, negative inflation continues, and we are approaching the Bitcoin block reward halving. The timing shows that investors’ appetite is justified.
Ethereum Price Prediction
On the weekly chart, the ETH price has been steadily increasing for the last 5 weeks. Ether, reaching its highest level since March 2022 at $3,288, has also broken out of the long-term rising parallel channel. This breakout, following previous unsuccessful attempts, is supportive for higher peaks. On the other hand, the Weekly RSI supports the breakout.
So, what do popular crypto currency analysts think? An expert known by the pseudonym Immortalcrypto believes that the altcoin king will outperform Bitcoin due to the outlook on the ETHBTC pair. Bob Loukas and MacnBTC also have a similar view supporting a resistance breakout on the pair.
CryptoMichNL wrote the following;
“Against BTC, facing a very important resistance area. Two key components: – The Dencun upgrade in a few weeks. – Spot #Ethereum ETF coming. A breakout above 0.06 BTC will cause a strong breakout across the entire Ethereum ecosystem.”
Ultimately, the dominant view these days is that the price will soon reach the $4,000 mark.
