Ethereum reaching today’s high of $3,369, its peak for 2024, has created excitement in the crypto market. This increase is supported by the rise of the cryptocurrency Bitcoin to the $59,494 level and the upcoming Denunc upgrade activation on the Ethereum mainnet. Recently, two main factors have been highlighted regarding the rise of the altcoin Ethereum above the $3,000 levels. Let’s examine these factors.
Why Is Ethereum Rising?
Firstly, the price increase of Ethereum on Binance is supported by Bitcoin‘s gains and the significant Denunc upgrade for the altcoin. Bitcoin’s approach to the $60,000 target creates a bullish sentiment in the overall market, which also lifts Ethereum. Moreover, a close correlation between Ethereum and Bitcoin is observed.
Secondly, the Denunc upgrade is a significant milestone for the altcoin ETH. Ethereum developers announced they would activate this upgrade on the mainnet on March 13, raising expectations among Ethereum altcoin holders. This upgrade, which has successfully passed the test phase, supports the upward trend in the price of the altcoin Ethereum.
Can ETH Price Climb Higher?
With these developments, the cryptocurrency Ethereum’s price is expected to rise further in the coming weeks. The altcoin, moving towards the $4,000 level and maintaining a strong performance above $3,000, shows promise. Technical analyses indicate that the MACD and AO indicators are giving positive signals among the factors supporting Ethereum’s rise from $3,086 to $3,369.
However, there are certain points to consider for the cryptocurrency Ethereum’s price to continue its ascent. In particular, a daily candlestick closing below $3,000 could indicate a weakening upward movement. In this case, the 38.2% Fibonacci retracement level of $2,911.41 should be considered as a support level for the altcoin Ethereum.
The strong fundamentals of the cryptocurrency Ethereum and the upcoming upgrade activation are among the key factors supporting its price. At the time of writing this article, we see that the price of Ethereum, the leader of altcoins, is trading at $3,304.
The cryptocurrency Ethereum has seen $48.99 million in liquidations in the last 24 hours following the price levels rising above $3,300, with $19,036,617 of these liquidations in long positions and $29,954,118 in short positions.
