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The altcoin king Ethereum (ETH), with a notable increase in transaction volume and influenced by optimistic sentiments among traders and investors, has risen above the key psychological level of $3,000 for the first time in about two years. The recent surge in ETH’s price, which saw an approximate 3% increase in the last 24 hours, came amidst a correction that hit the overall cryptocurrency market. Particularly, Ethereum’s superior performance this year compared to Bitcoin (BTC) has led analysts to predict that its price will soon rise by 33% to $4,000, potentially outperforming the largest cryptocurrency.
Expectations for Ethereum Continue to Rise
Bitcoin, typically the market leader, has seen a notable shift in trend in 2023, with Ethereum registering a significant 28% increase compared to Bitcoin’s 21% rise this year, capturing much attention. This change in performance coincides with Ethereum gaining momentum and sparking increased interest in altcoins, which has led to Bitcoin’s market dominance falling to 51% during the same period. The rise in ETH‘s price, particularly after retesting the $2,250 level and surpassing the $2,600 level, is associated with high accumulation by whale-level investors and institutional investors.
While data supports a bullish outlook for Ethereum, a significant increase in social media mentions of “3,000 dollars” and “buy Ethereum” has been observed in recent weeks. Despite a temporary dip amidst general market sell-offs, the fear of missing out (FOMO) seems to influence the price of the altcoin king.
Moreover, Ethereum’s growing popularity has led to a record high of 114.95 million investors, surpassing the 5.22 million Tether (USDT) investors.
Continued Rise in ETH’s Price Expected
Market experts and analysts, including seasoned crypto analyst Michael van de Poppe, anticipate a consolidation in Bitcoin in the coming months and a shift of funds to Ethereum. Particularly, expectations of a spot Ethereum ETF approval in May, the anticipated release of the Dencun update in March, and the restart of the AirDrop farming season are almost certainly viewed as factors that will drive ETH’s price higher. With strong ETHBTC charts across all time frames, many expect Ethereum’s price rally to continue in the coming weeks.
As of the writing of this article, Ethereum’s price stands at $3,017. The altcoin king’s lowest and highest levels in the last 24 hours were $2,875 and $3,021, respectively. Although the trading volume has decreased slightly in the last 24 hours, the general expectation is that ETH will soon rise to $4,000.
In addition, the upcoming expiration of an option consisting of 792,000 ETH with a nominal value of $2.4 billion and an increasing put-call ratio indicate a bullish sentiment among option and futures traders, supporting the ongoing rise in ETH’s price.
