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ethereum price rose 4% to trade at $3,936 at 04:50 EST, with trading volume falling 23%.
It comes amid growing uncertainty in the cryptocurrency market, with bitcoin price still range-bound below the psychological level of $69,000.
However, ethereum price is steadily approaching the $4,000 milestone, levels last seen in January 2022.
Meanwhile, a Bitwise analyst says that while bitcoin is the main topic of discussion after recently “getting all the attention,” Ether could more than double its current prices this year.
Ether $eth has been “largely overshadowed” by bitcoin $btc over the past few months, but the price of the straggler could more than double in 2024, according to a Bitwise analyst.
This month's Dencun upgrade in mid-March will make transactions on Layer 2 networks cheaper, which… pic.twitter.com/4P85InbtcH
-DefiDive (@defi_dive) March 8, 2024
Juan León, cryptocurrency research analyst at asset manager Bitwise, told CoinDesk that the price of ethereum may reach $10,000 or even more this year.
“bitcoin has gotten all the attention with the launch of bitcoin ETFs,” the analyst said, adding, “but (eth) has at least two major catalysts that will be in focus.”
Why Bit by Bit Analyst is Bullish on ethereum Price
Bitwise analysts attribute the optimism to two bullish fundamentals on the ethereum network.
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Dencun Update
ethereum Core developers said the Dencun update was successfully deployed to the Holesky Testnet early on January 31. With the launch going smoothly, the update is ready for release on the mainnet and could arrive in March 2024.
In a series of posts on social media platform
Holesky is finalized for Deneb
The dropout limit seems good so far and the blobs are flowing smoothly!
Next stop, Mainnet! https://t.co/MiEsJfHvFz
— births | (@parithosh_j) February 7, 2024
In retrospect, the testnet launch was not eventful; a result that inspired greater confidence among Ether token holders. Another Core developer, Terrence, had indicated that node participation fell by approximately 5%. He attributed this to node operators being offline. The developer also highlighted that no errors were reported.
Holesky is finalized for Deneb. Another successful update!!
Participation fell by about 5%, which I suspect is mainly due to node operators being offline. I haven't seen any bugs reported yet. https://t.co/qlrZFedAnN
– terence.eth (@terencechain) February 7, 2024
For the layman, the Dencun upgrade is expected to make transactions on layer 2 (L2) networks cheaper. Such an outcome would improve network activity while attracting massive consumer demand for ethereum, Leon said.
However, Bitwise analysts acknowledged that “most of the positive sentiment will occur weeks and months after the upgrade as the effects play out.”
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eth ETF
Meanwhile, speculation remains that an ethereum exchange-traded fund (ETF) will soon be launched on the market. This assumption comes after spot btc ETFs were approved in a landmark decision on January 10.
While it's unclear whether eth ETFs will follow, given that the odds remain lower than for the btc alternative, Bitwise's Leon said the mere possibility is a source of excitement for community members. With this, the analyst gives between a 50% and 60% chance of approval.
The possibility of an approval would increase Ether's appeal among more conservative institutional investors, as it did with btc.
Other fundamentals that could also bode well for ethereum price include eth's deflationary supply, its recovery supply, and increased decentralized finance (DeFi) activity.
ethereum Price Outlook as Bit-by-Bit Analyst Speculates on More Gains for eth
ethereum price is approaching the psychological level of $4,000, which could arrive soon considering that the momentum is increasing rapidly. This is seen with the rising Relative Strength Index (RSI), accentuated by the rising bars of the volume indicator. The latter suggests an upward trend that is only getting stronger.
If ethereum price manages a candle close above $4,000, it would clear the way for Ether to reclaim its all-time high of $4,868. Such a move would constitute a 23% increase above current levels. In a highly bullish case, ethereum price could extend a high until reaching the psychological level of $5,000, marking a new all-time high.
<img decoding="async" class="aligncenter wp-image-487104 size-full" src="data:image/svg+xml,%3Csvg%20xmlns=" http:="" alt="ethereum” width=”1273″ height=”538″ data-lazy-srcset=”https://technicalterrence.com/wp-content/uploads/2024/03/Ethereum-Price-Prediction-ETH-Closes-at-4000-as-Bitwise-Sees.png 1273w, https://insidebitcoins.com/wp-content/uploads/2024/03/ETHUSDT_2024-03-08_12-49-23-300×127.png 300w, https://insidebitcoins.com/wp-content/uploads/2024/03/ETHUSDT_2024-03-08_12-49-23-1024×433.png 1024w, https://insidebitcoins.com/wp-content/uploads/2024/03/ETHUSDT_2024-03-08_12-49-23-768×325.png 768w” data-lazy-sizes=”(max-width: 1273px) 100vw, 1273px” data-lazy-src=”https://technicalterrence.com/wp-content/uploads/2024/03/Ethereum-Price-Prediction-ETH-Closes-at-4000-as-Bitwise-Sees.png”/><img decoding="async" class="aligncenter wp-image-487104 size-full" src="https://technicalterrence.com/wp-content/uploads/2024/03/Ethereum-Price-Prediction-ETH-Closes-at-4000-as-Bitwise-Sees.png" alt="ethereum” width=”1273″ height=”538″ srcset=”https://technicalterrence.com/wp-content/uploads/2024/03/Ethereum-Price-Prediction-ETH-Closes-at-4000-as-Bitwise-Sees.png 1273w, https://insidebitcoins.com/wp-content/uploads/2024/03/ETHUSDT_2024-03-08_12-49-23-300×127.png 300w, https://insidebitcoins.com/wp-content/uploads/2024/03/ETHUSDT_2024-03-08_12-49-23-1024×433.png 1024w, https://insidebitcoins.com/wp-content/uploads/2024/03/ETHUSDT_2024-03-08_12-49-23-768×325.png 768w” sizes=”(max-width: 1273px) 100vw, 1273px”/>
TradingView: eth/USDT 3-day chart
On the other hand, profit booking could disrupt the rally, driving down the price of ethereum. This could see eth provide another buying opportunity around the $3,602 threshold before the next bullish leg.
Meanwhile, many investors are looking at GBTC, a btc derivative that many experts believe could be the best cryptocurrency to buy now.
Promising alternative to ethereum
After raising nearly $2.5 million from investors attracted by the allure of bitcoin's current bull run, GBTC is on a roll. It is the symbol of the Green bitcoin ecosystem, a profit prediction project built on top of ethereum infrastructure using the ERC-20 token standard.
$2 million raised!
We couldn't be more excited to have you with us in this Green Revolution.
We are building something huge! pic.twitter.com/RDOvEyCyGW
—GreenBitcoin (@GreenBTCtoken) March 6, 2024
GBTC is a gamified betting platform where participants earn rewards by predicting the price of bitcoin. It combines betting with gamified prediction, offering rewards for GBTC holders and token bonuses of up to 100% for challenges presented live each week. There are daily and weekly btc price prediction challenges that offer attractive rewards.
Introducing Green bitcoin – a revolutionary prediction-to-earn token.
Join us on our gamified green betting platform, where your predictions can turn into profits!
Website: https://t.co/dG5cEeCtRs
Telegram: https://t.co/bWanoe0vHv pic.twitter.com/eXuGQBkxio—GreenBitcoin (@GreenBTCtoken) December 3, 2023
The project also features a sustainable staking model called 'Gamified Green Staking' where users can earn passive income through reward staking. The initiative takes a sustainable approach and attracts eco-conscious investors and ESG-focused institutions.
By employing the ethereum network's energy-efficient proof-of-stake mechanism, the project offers a notable 10,000x reduction in energy consumption compared to bitcoin's proof-of-work model.
Green bitcoin has already amassed $2.47 million in funding out of a target goal of $2.535 million. Its token is selling for $0.6882, and the price increase will occur in less than four days.
Visit and buy GBTC here.
Also read:
Green bitcoin: gamified green bet
- Contract audited by Coinsult
- Early Access Presale Live Now – greenbitcoin.xyz
- Predict to Win – Featured on Cointelegraph
- Staking Rewards and Token Bonuses
- $1+ Million Raised
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