Ethereum is roaring when writing. Bulls are relentless, pressing the “buy” pedal. The coin is up 4% on the last trading day, extending those gains to
Ethereum is roaring when writing. Bulls are relentless, pressing the “buy” pedal. The coin is up 4% on the last trading day, extending those gains to 16% in the previous week. As it is, ETH is outperforming Bitcoin and is one of the top performers in the last week of trading in the top 10.
ETH has performed almost similarly to BNB, which is up 16% in the last week after adding 11% in the previous 24 hours. However, ETH is outperforming Solana and XRP despite these two having lower market caps. Overall, the path of least resistance is upward, favoring determined bulls.
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When writing, ETH has a market cap of over $472 billion, expanding as prices roar. Even so, as prices rise to fresh 2024 highs, there are concerns since the total traded volume has shrunk in the past 24 hours to around $21 billion. Typically, the higher the volume, the stronger the upside momentum is.
Looking at the news, the crypto community remains primarily positive. Here are some trending Ethereum news events to keep track of:
- A Bitwise researcher thinks that, though the industry has been looking at Bitcoin, considering the influx of capital through spot Bitcoin exchange-traded funds (ETFs), Ethereum will likely break above $5,000, recording new all-time highs. Per his assessment, ETH will likely float to $10,000 in 2024. The upcoming Dencun upgrade will be a bullish catalyst for price.
- While ETH is rallying, more validators were exiting than joining this week, the first since January. An estimated 670,000 ETH, or over $2.5 billion, of staked ETH were withdrawn. This is despite the Ethereum staking yield rising from 3.5% to 3.69% in March.
Ethereum Price Analysis
ETH/USD is changing hands above $3,900 when writing.
The expansion has been near perpendicular since late January 2024. Since then, the coin has added over 80%.
Presently, bulls are targeting $4,000. Support is at around $3,500—a psychological round number.
In the 1 HR chart, traders are watching the $3,950 level. A comprehensive close, with high volume, may anchor the next leg up to $4,000.
Conversely, losses below $3,850 may see ETH drop to March 7 lows of $3,740.
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