ethereum Price has had a low performance of bitcoin and other popular currencies such as Ripple and Solana this year.
ethereum (eth) was quoted at $ 3,400, in almost 20% from its highest level in December last year. This decrease coincided with the controversies surrounding the ethereum Foundation and its tokens sales.
eth has also decreased as balances in exchanges have continued to increase, while the popular purchase-sale relationship in Binance has remained bassist. Even so, ethereum has several catalysts that can take it to $ 5,000.
ethereum Pirtra Update
The first important catalyst for the price of ethereum is the next tong update, which is expected to occur in March. This will be one of the greatest updates in the history of ethereum, presenting several crucial characteristics.
The first feature will bring characteristics such as transactions and gas sponsorship. It will also introduce the maximum effective balance, which means that betting rewards will be added to a validator regardless of size.
In addition, the sicking update will increase the performance of the BLOB, will adjust the costs of the call data and enable the active outputs of the execution layer. Historically, cryptocurrencies often see price increases before the main updates.
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eth's open interest is increasing
Meanwhile, ethereum's open interest in the futures market has increased, which suggests a possible price increase in the coming weeks. The table below shows a divergence between the price of ethereum and its open interest. While Ether has fallen almost 20% of its highest level in November, the open interest has continued to rise.
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ethereum's price has strong technicians
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The daily table shows that ethereum's price has strong technical indicators, which could push it significantly higher in the long term. eth has formed a fall graphic pattern that falls, composed of two descending and convergent lines, which is considered widely a bullish signal.
ethereum has also formed a reverse pattern of head and shoulders, with its neckline at $ 4,082. The left and right shoulders are around the level of $ 3,000. This pattern frequently precedes substantial price gains.
In addition, the recent retirement aligns with the fourth phase of the Elliott wave pattern. This phase is typically followed by a fifth upward wave.
As a result, ethereum is likely to experience a bullish breakdown, with the initial key level to observe $ 4,082. A break above this level could lead to greater profits, potentially testing the key resistance at $ 4,800, its historical maximum. Beyond this, eth could increase to $ 5,000.
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