Crypto News: Ethereum's price is still 33% below its all-time high of US$4,878 after rising to a 22-month high of US$3,278. The second-largest cryptocurrency has maintained an optimistic outlook despite a short correction in early January.
Both technical and fundamental indications point to a greater breakthrough, with ETH expected to begin price discovery shortly. At the time of writing, the Ethereum price was US$3296 with a market capitalization of US$396.5 billion.
The Ethereum Dencun upgrade stands out as one of the factors supporting the optimistic outlook for the ETH price. This protocol upgrade, due on March 13, offers significant gains not only for Ethereum but also for popular layer 2 solutions like Arbitrum and Polygon, which will benefit from lower transaction costs thanks to a feature known as proto-dank sharding.
Dencun will also expand the blockchain block size from 12.5 MB to 25 MB to accommodate more transactions per block and improve network speed.
The Dencun update will also enable the use of a new transaction type. This simplifies the validation process while also improving the developer experience while creating applications.
Following the successful execution of the Dencun upgrade, the hype for a spot ETF will intensify. The increase in Ethereum pricing continued following the introduction of Bitcoin ETFs in January, as investors focused on the US$390 billion token.
An Ethereum ETF will follow the cryptocurrency's price in real time, providing investors with direct exposure to ETH without having to deal with the complexities of the crypto market, such as navigating Crypto exchanges and storage.
The approval of the ETF will signify the rising acceptance of Ethereum as a viable asset class. Experts and industry opinion leaders have voiced excitement about the likely approval of the spot ETH ETF. Michael Sonnenshein, CEO of Grayscale Investments, has voiced optimism that the Securities and Exchange Commission (SEC) will approve the ETF.
Ethereum's price analysis is also complex, as the Dencun upgrade influences it, the spot ETF approval, and the technical patterns. Ethereum could either break above the ascending channel and aim for the next resistance level at US$2906 or break below and test the next support level at US$3036. Ethereum investors and traders should monitor the news, the developments, and the graphs to make smart choices and seize the opportunities that may emerge.
According to the Bitnation projection, Ethereum's price will fall slightly during the following seven days, hitting US$3,215 by March 6, 2024. However, the long-term picture remains positive. Ethereum has the potential to reach a high of US$11,565 by 2025, and a staggering US$31,392 by 2031. As usual, bear in mind that cryptocurrency markets are unpredictable, and all forecasts are susceptible to alter depending on a variety of circumstances.
Coincodex predicts an Ethereum price range of US$3,194.03 to US$6,745.39 in 2025. If Ethereum meets the highest price objective, it may increase by 104.65% from its current price by 2025. Ethereum price predictions for 2030 range from US$6,560.86 to US$12,178. If Ethereum meets the highest price objective, it may increase by 269.46% from its current price by 2030.
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