Category: Forex News

Ethereum (ETH) Price to Break $4,000 After Bitcoin’s Latest Move? 

banner image

Ethereum (ETH) Age Consumed vs. Price | Source: Santiment

Declining values of the Age Consumed typically means that investors are generally holding their coins longer. More so, if it occurs while an asset is trading at a 3-year peak as observed above, it signals an overwhelming bullish conviction among long-term investors that prices will rise even higher.

Evidently, the positive narratives surrounding the widely-anticipated Ethereum ETF approval, and the Dencun upgrade launch now slated for March 13, may have influenced the investors outlook. 

Prediction: Can ETH price reach $4,000 in March 2024? 

As things stand, Bitcoin investors redirecting capital towards altcoins, and existing investors are reluctant to sell. These two factors could combine to form a major catalyst for Ethereum price to move above $4,000 in March 2024. 

This bullish Ethereum price prediction is further affirmed by IntoTheBlock’s Global In/Out of The Money metric, which groups all existing Ethereum investors according to their entry prices. 

However, it shows that the bulls must scale the initial resistance at $3,600. As seen below, 235,680 existing holders had bought 593,350 ETH at the minimum price of $3,624, forming the largest cluster of potential profit-takers within 20% boundaries of the current prices. 

But if the bulls capitalize on the two potential catalysts analyzed above, ETH price will likely smash through the $3,600 resistance in March 2024 and advance towards $4,000. 


Source link

Discover more from BIPNs

Subscribe to get the latest posts to your email.

Written by : Editorial team of BIPNs

Main team of content of bipns.com. Any type of content should be approved by us.

Share this article:

Share your opinion. And leave a reply within the comments from below.


Discover more from BIPNs

Subscribe to get the latest posts to your email.