Ethereum rises 1.13%: Bullish momentum or temporary bump?

Crypto News: Ethereum Classic is in a bullish trend as the price increased more than 12% last week. Currently, Ethereum is trading at US$3528 with a surge of 1.13% with a market capitalization of over US$424 billion.

In February 2024, Ethereum had the greatest monthly transaction count in 20 months, with 36.02 million. This rise in transactions demonstrates the Ethereum network's sustained popularity and use.

Ethereum's staking environment has also grown significantly. Despite the addition of a feature that allows stakers to reclaim their tokens, the current staked quantity is 29.13 million ETH, which accounts for 24.2% of the entire supply. Staking is essential for network security and participation incentives.

Ethereum remains a major force in the cryptocurrency market. Its competitive advantage stems from network effects and value accrual. While Ethereum trails behind Bitcoin in terms of transaction volume, it excels in fees and total value locked (TVL).

Ethereum Latest News

• Ethereum is preparing for Dencun, a major network update that is scheduled to debut on March 13, 2024. This upgrade will provide various enhancements to the Ethereum protocol, including lower gas prices, more scalability, improved security, and the flexibility to add new features. The Dencun update is viewed as a good driver for the Ethereum price since it will improve network efficiency, usability, and competitiveness. Some analysts anticipate that the Dencun update might increase the Ethereum price to US$4,000 or more.
• Ethereum is also the dominant platform for non-fungible tokens (NFTs), which are unique and rare digital assets used to represent art, collectibles, gaming, and other activities. NFTs have skyrocketed in popularity and value in recent months, drawing celebrities, artists, investors, and enthusiasts alike. For example, in the last seven days, Bitcoin NFT sales have outperformed Ethereum, thanks to a dramatic rise in Bitcoin Ordinals-based NFT collecting. NFTs provide new use cases and demand for Ethereum since they rely on the network's architecture, smart contracts, and native currency (ETH) to function. NFTs also demonstrate the ingenuity and innovation that Ethereum fosters, perhaps attracting additional users and developers to the platform.

 Ethereum Technical Analysis

Ethereum is in a strong uptrend, as indicated by the rising trend line, the higher highs and higher lows, and the MACD above zero. The price recently broke above the resistance level of US$3,521. This signals a continuation of the bullish trend. The RSI is above 60, indicating overbought conditions. This suggests that the price may still have some room to rise before a possible pullback or consolidation.

Ethereum Price Outlook

• Forbes Advisor India forecasts by the end of 2024, Ethereum price is predicted to have reached roughly US$5,000. By 2025, it might reach a maximum of US$6,500. Looking ahead, by 2030, some analysts estimate Ethereum might climb as high as US$20,500.
• Finder's panelists predict by the end of 2024, ETH's price is anticipated to reach US$4,887. By 2025, Ethereum's value might reach US$7,492. And by 2030, it may rise to US$19,190.
• Coin Price Forecast that by the middle of 2025, Ethereum might reach US$7,000. In 2030, it might be worth US$10,000. By 2033, it may even reach US$12,000.