Ethereum Recovers From Dip: ETH Hits $3,900 For The First Time In Two Years

After Bitcoin (BTC) recorded a new all-time high (ATH), Ethereum (ETH) rallied above $3,800 before the price crashed over 10%. The second-largest cryptocurrency has recovered from the dip and reached $3,900 momentarily for the first time in over two years.

Related Reading: The Ethereum Foundation Is Selling ETH Again, Is The Top In?
Ethereum Recovers And Rallies to $3,900
On Thursday, Bitcoin reached a crucial milestone after breaking above $69,000 and recording a new all-time high (ATH). Before the euphoria was over, the flagship cryptocurrency’s price started to drop, trading as low as $60,000. Since then, BTC’s price has recovered to hover between the $66,000-$67,000 price range.

Fueled by the bullish sentiment, Ethereum rallied above $3,800 before suffering a considerable price drop. The ‘king of altcoins’ lost momentum and shredded about 12% of its price to trade at a price as low as $3,360, according to CoinMarketCap data.

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After the dip was done, ETH started to show a recovery alongside Bitcoin. As reported by NewsBTC, a crucial resistance level to clear during this recovery was $3,600. Ethereum surpassed this support level and has maintained its price above the $3,800 range during the last 4 hours.
Ethereum reached the $3,800 support level twice in the last 24 hours. This price range was not seen since January 2022, and the regained bullish momentum propelled the token’s price to a higher milestone.

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Ethereum hit $3,900 for the first time since December of 2021. The biggest altcoin briefly soared to $3,901 before falling to the $3,850 price range.

At the time of writing, ETH is trading at $3,834, representing a 1.6% price drop in the last hour and a 2% increase from 24 hours ago. Similarly, the token exhibits green numbers on longer timeframes.

ETH, ETHUSDT, Ethereum

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Ethereum’s price performance has surged almost 16% in the past week, 65% in the last month, and an impressive 145% in one year.

ETH’s market capitalization increased 1.55% to $459.7 million on the last day. Its daily trading volume has increased by 58%, with $52.16 billion in market activity in the previous 24 hours.

What’s Next For ETH’s Price?
Many analysts have forecasted that ETH’s rally is far from over. Analyst Altcoin Sherpa predicted that Ethereum could reach $4,000 when it breaks through the $3,000 price barrier.

Ethereum’s rally seems to be fueled not only by Bitcoin’s momentum but also by the general market dynamics. The date for the Dencun upgrade is approaching, and this update is expected to bring several technical improvements to Ethereum’s infrastructure,

Moreover, the possibility of Ether-based spot exchange-traded funds (ETF) being approved by the US Securities and Exchange Commission (SEC) in May has built expectations for Ether and the blockchain’s ecosystem.

Pseudonym trader Ash Crypto suggested to his Telegram subscribers that the price correction experienced after Bitcoin’s new ATH was not a “reason to panic.”
Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.
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Bitcoin News
Breaking News: BREAKING: Bitcoin Price Soars To New All-Time High Above $69,000
Ethereum
The Ethereum Foundation Is Selling ETH Again, Is The Top In?
Scott Matherson by Scott Matherson March 5, 2024



The Ethereum Foundation, a non-profit organization, has initiated an unexpected ETH sell-off to a single address, prompting speculation about a potential market peak.

Ethereum Foundation Executes Multiple ETH Transfers
On Monday, March 4, Blockchain analytics platform LookOnChain revealed a series of transactions executed by a wallet address related to the Ethereum Foundation. Sharing a screenshot of the transaction details on X (formerly Twitter), LookOnchain disclosed that the Ethereum Foundation had initiated three ETH transactions to a single wallet address identified as “Cumberland Forwarder”.

Related Reading: Crypto Expert Says ‘Prepare Yourself’ For Massive Altcoin Run, Here’s Why
Among these transfers, two involved selling off 500 ETH each, while the third recorded a transaction amount of 0 ETH. At the time of writing the price of Ethereum is trading at $3,684.95 according to CoinMarketCap. This price puts the value of the Ethereum Foundation’s 1000 ETH sell-offs at over $3.68 million.

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It’s uncertain whether this unexpected sell-off indicates a shift in the foundation’s perspective on Ethereum’s current valuation, as the foundation is known for selling ETH tokens during tops. Additionally, the timing of the transfers could be an indication of a peak in Ethereum’s price, which often precedes a significant price correction.

Including the Ethereum Foundation, there have been other major ETH transfers made by investors. Earlier in January, bankrupt cryptocurrency company Celsius Network initiated a massive sell-off worth about $125 million ETH. Following this large-scale transfer, Ethereum’s price experienced a major decline.

With the price of Ethereum slowly approaching its peak value, if a similar sell-off phase occurs, it could potentially trigger a shift in market sentiment, pushing investors to opt for other major cryptocurrencies as they attempt to diversify their portfolios and avoid risks.

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ETH’s Price Update
Recently, Ethereum has been witnessing significant gains, driving its price closer to its previous all-time high of $4,379 in May 2021. Notably, the cryptocurrency has been aggressively following Bitcoin’s recent bullish uptrend, reinforcing its position as the second-largest cryptocurrency in the space.

Related Reading: Bitcoin Will Reach A New All-Time High This Week, Matrixport Head Of Research Says
Various analysts have consistently made bullish predictions about the price of Ethereum, with the majority expecting the cryptocurrency to surge above $5,000 soon. Considering the multiple upgrades and developmental activities ongoing within the Ethereum blockchain, a price surge to $4,000 seems probable.

In the advent that Ethereum reaches its “top in”, the cryptocurrency may undergo a sell-off phase, as investors seek to maximize profits by cashing out their investments. This could lead to a price reversal, with persistent selling pressures diminishing demand and instigating Fear, Uncertainty and Doubt (FUD) among traders and investors.

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Ethereum price chart from Tradingview.com

ETH price beats $3,700 resistance | Source: ETHUSD on Tradingview.com
Featured image from CNBC, chart from Tradingview.com
Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.
Tags: ETHETH newseth priceethereumethereum foundationethereum newsethereum priceethusdETHUSDT


Scott Matherson
Scott Matherson
Scott Matherson is a prominent crypto writer at NewsBTC with a knack for capturing the pulse of the market, covering pivotal shifts, technological advancements, and regulatory changes with precision. Having witnessed the evolving landscape of the crypto world firsthand, Scott is able to dissect complex crypto topics and present them in an accessible and engaging manner. Scott's dedication to clarity and accuracy has made him an indispensable asset, helping to demystify the complex world of cryptocurrency for countless readers.

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The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.