ethereum (eth) has reclaimed the $4,000 level for the first time since December 2021, marking a major milestone in its ongoing bull run.
This promising rally comes as the broader crypto market appears to continue its positive momentum on Monday morning.
Potentially driving optimism further is the hype around the Green bitcoin (GBTC) ICO, which has now raised over $3 million in funding.
ethereum Surpasses $4,000 as Technicals and Short Squeeze Trigger Recover
ethereum's rally above $4,000 appears technically supported and fueled by a flurry of trading activity.
The token's momentum indicators such as the RSI and MACD have been bullish over the past week as buying pressure intensifies.
ethereum/” data-wpel-link=”exclude” target=”_blank” rel=”nofollow noopener noreferrer”>More than 22 billion dollars eth volume has occurred on major exchanges in the last 24 hours – a staggering 82% increase from the previous day.
This increased liquidity fueled the breakout of eth as the bulls aggressively absorbed the sell-side action.
On-Chain Data Shows Uptrend Has Triggeredeth” data-wpel-link=”exclude” target=”_blank” rel=”nofollow noopener noreferrer”> more than 24 million dollars in settlements of overleveraged eth shorts on derivatives exchanges.
These forced buybacks have only exacerbated the rise of eth.
The decisive break above $4,000 has also triggered a new wave of buying, with several experts now considering $4,200 as the next bullish target.
Now that eth is just 21% away from its all-time high, a new peak could be in its sights.
Anticipation Mounts for ethereum's Major Dencun Upgrade
While technical factors are driving ethereum's breakout, there may also be a strong fundamental undercurrent driving the price higher: the enthusiasm aroundtech/2024/03/07/ethereums-dencun-upgrade-could-mean-near-zero-fees-for-layer-2-blockchains-fidelity-digital-assets/” data-wpel-link=”exclude” target=”_blank” rel=”nofollow noopener noreferrer”> Dencun update.
For those who don't know, Dencun is one of the biggest upgrades planned for ethereum as it continues its evolution.
Scheduled to go live on March 13, Dencun will lay the foundation for scaling ethereum through proto-danksharding and better integration of layer 2 rollup solutions.
In simpler terms, Dencun aims to dramatically reduce fees and increase capacity on ethereum by making it cheaper for rollups like Arbitrum to handle large amounts of data off-chain.
This paves the way for these Layer 2 networks to support millions of users efficiently.
If successful, the implications of this update will be enormous.
Dencun could finally transform ethereum into the globally accessible platform for decentralized applications (dApps) that its core developers have long envisioned.
DeFi, NFTs, gaming, and microtransactions will become more attractive on ethereum after Dencun, which is driving growing investor optimism about eth's price prospects.
Due to this, the price of eth surged ahead of time and surpassed $4,000 for the first time in over two years.
bitcoin's Green ICO Heats Up With Novel “Predict-to-Win” Staking Mechanism
While the rise of ethereum captures attention, a new crypto project is also drawing attention:ethereum-price-hits-4k-while-the-green-bitcoin-ico-just-raised-3m” data-wpel-link=”exclude” target=”_blank” rel=”nofollow noopener noreferrer”> Green bitcoin.
This eco-conscious token has drawn widespread attention to its ongoing ICO by combining two trending investment narratives: environmental sustainability and bitcoin price predictions.
Unlike energy-intensive proof-of-work (PoW) blockchains, Green bitcoin reduces its carbon footprint by using ethereum's more efficient proof-of-stake (PoS) consensus.
The technical document of the project. claims that GBTC is 10,000 times greener than traditional bitcoin mining for verifying transactions.
However, Green bitcoin's key innovation goes far beyond sustainability.
It introduces a first-of-its-kind “Predict to Win” mechanic that allows users to stake their tokens and earn rewards by accurately forecasting bitcoin price movements.
This gamified model takes advantage of the recent craze for real-money cryptocurrency prediction markets and the inherent volatility of bitcoin.
The developers have already allocated more than 5.8 million GBTC (more than a quarter of the total supply) to incentivize staking and prediction rewards.
With High APYs Also offered only for holding GBTC long term, it's easy to see why the project is attracting so much attention.
The Green bitcoin pre-sale ICO has already surpassed $3 million and appears to be accelerating daily as rumors about future listings begin to circulate.
As more people become interested in sustainable crypto alternatives, Green bitcoin could well become an interesting project to follow.
ethereum-price-hits-4k-while-the-green-bitcoin-ico-just-raised-3m” data-wpel-link=”exclude” target=”_blank” rel=”nofollow noopener noreferrer”>Visit the Green bitcoin Pre-Sale
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