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ethereum price rose 2.5% in the last 24 hours ethereum/”>to trade at $3,350 at 04:50 am EST on trading volume which fell by 12.41% to $19 billion.
This comes as former Goldman Sachs executive Raoul Pal says eth is preparing for a big breakout against bitcoin.
The eth/btc chart is absolutely amazing… and ready for the next big move, the mega wedge breakout… let's see how it plays out… pic.twitter.com/5x4tJLjtJy
—Raoul Pal (@RaoulGMI) February 25, 2024
In his analysis on
As many analysts become bullish on ethereum, can it rise high enough to challenge bitcoin?
ethereum price bullish, following ascending channel
At the beginning of February, ethereum price was in a consolidation phase, trading within the $2,300 range. However, the bulls showed some strength, pushing the price to trade within the boundaries of the ascending channel pattern.
Currently, eth is trading above the 50-day and 200-day SMA, confirming bullish momentum.
Furthermore, the Relative Strength Index (RSI) is also bullish as it is trading up to the overbought region at 80. This is a testament to investor optimism evidenced by the intense buying pressure.
<img decoding="async" class="alignnone size-full wp-image-484444" src="data:image/svg+xml,%3Csvg%20xmlns=" http:="" alt="MACDX eth” width=”1262″ height=”253″ data-lazy-srcset=”https://technicalterrence.com/wp-content/uploads/2024/03/Ethereum-Price-Prediction-Former-Goldman-Sachs-Analyst-Sees-Huge-ETH”https://technicalterrence.com/crypto/ethereum/”>eth-MACDX.png 1262w, https://technicalterrence.com/wp-content/uploads/2024/03/Ethereum-Price-Prediction-Former-Goldman-Sachs-Analyst-Sees-Huge-ETH”https://technicalterrence.com/crypto/ethereum/”>eth-MACDX-300×60.png 300w, https://technicalterrence.com/wp-content/uploads/2024/03/Ethereum-Price-Prediction-Former-Goldman-Sachs-Analyst-Sees-Huge-ETH”https://technicalterrence.com/crypto/ethereum/”>eth-MACDX-1024×205.png 1024w, https://technicalterrence.com/wp-content/uploads/2024/03/Ethereum-Price-Prediction-Former-Goldman-Sachs-Analyst-Sees-Huge-ETH”https://technicalterrence.com/crypto/ethereum/”>eth-MACDX-768×154.png 768w” data-lazy-sizes=”(max-width: 1262px) 100vw, 1262px” data-lazy-src=”https://technicalterrence.com/wp-content/uploads/2024/03/Ethereum-Price-Prediction-Former-Goldman-Sachs-Analyst-Sees-Huge-ETH”https://technicalterrence.com/crypto/ethereum/”>eth-MACDX.png”/>eth-MACDX.png” alt=”MACDX eth” width=”1262″ height=”253″ srcset=”https://technicalterrence.com/wp-content/uploads/2024/03/Ethereum-Price-Prediction-Former-Goldman-Sachs-Analyst-Sees-Huge-ETH”https://technicalterrence.com/crypto/ethereum/”>eth-MACDX.png 1262w, https://technicalterrence.com/wp-content/uploads/2024/03/Ethereum-Price-Prediction-Former-Goldman-Sachs-Analyst-Sees-Huge-ETH”https://technicalterrence.com/crypto/ethereum/”>eth-MACDX-300×60.png 300w, https://technicalterrence.com/wp-content/uploads/2024/03/Ethereum-Price-Prediction-Former-Goldman-Sachs-Analyst-Sees-Huge-ETH”https://technicalterrence.com/crypto/ethereum/”>eth-MACDX-1024×205.png 1024w, https://technicalterrence.com/wp-content/uploads/2024/03/Ethereum-Price-Prediction-Former-Goldman-Sachs-Analyst-Sees-Huge-ETH”https://technicalterrence.com/crypto/ethereum/”>eth-MACDX-768×154.png 768w” sizes=”(max-width: 1262px) 100vw, 1262px”/>
Additionally, the Moving Average Convergence Divergence (MACD) is also bullish as the moving average line (blue) crosses above the signal line (orange), representing a bullish crossover. Investors often use a bullish crossover as a signal to buy more.
The green bars on the histogram further support the bullish sentiment as they extend above the zero line. Furthermore, the average directional index (ADX) is moving north at 49, indicating that the current trend is very strong.
ethereum Price Prediction
ethereum price analysis shows a bullish bias, evident with the price trading within the ascending channel pattern. Furthermore, the 50-day SMA is crossing above the 200-day SMA, forming a golden cross at $2,409. The bulls are looking to capitalize on these factors to push the price further as they target $4,000.
However, the RSI has already crossed the overbought region, which may indicate an incoming price correction. In such a scenario, the bears can take over the price, taking it to $2,842, within the lower boundary of the ascending channel.
Meanwhile, as the price of ethereum rises, investors looking to diversify their investments with greater growth potential could consider Sponge V2, a project that aims to emulate the 100x earnings of its predecessor, Sponge V1.
Sponge V2: a promising opportunity for explosive returns
If you didn't benefit from Sponge's rapid success last year, you can still take the opportunity to invest in Sponge V2, as its launch on the main stock exchanges approaches. Sponge V2 builds on the success of Sponge V1 and offers greater utility and rewards while retaining the core elements of a meme token.
You are not ready to $SPONGE #web3 crypto?src=hash&ref_src=twsrc%5Etfw”>#crypto #coinmeme #alternatives pic.twitter.com/RA9AKTddyg
— $SPONGE (@spongeoneth) February 27, 2024
The project aims to innovate the market with unique strategies for transaction fees, liquidity and staking.
The team discontinued Sponge V1 on February 5, paving the way for more than 13,000 incumbents to transition to the more secure and cost-effective V2 on the Polygon Network.
Attention, #SPONGES!
Here is important information to remember about $SPONGE V2!$SPONGE V1 has been officially discontinued and V2 was released on #Polygon!
Learn more about the token details below https://t.co/TCdxgXx40w
1/3 pic.twitter.com/YZzXOlKmHY
— $SPONGE (@spongeoneth) February 6, 2024
Buy and Stake $SPONGE V2, 778% Annual Rewards
Can buy and stake your $SPONGE V2 tokens on Polygon Network, earning an impressive 778% Annual Percentage Yield (APY). Additionally, the team is set to launch a play-to-earn (P2E) game, sponge runner, which will earn symbolic rewards and at the same time expand the utility of the token.
According to crypto analyst and YouTuber Jacob Bury, Sponge V2 has the potential to rise 10x at launch.
To join the pre-sale, visit the official website of Sponge V2 and link your digital wallet to exchange your eth or USDT for V2 tokens. You can also buy directly with your bank card.
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