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ETH Price Soars to 2-Year Peak as Ethereum ETF Hopes Fuel Leg Up

Author: Qadir AK

Feb 21, 2024 18:23
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Mysterious $160 Million Ethereum Purchase Sparks Speculation: Is Justin Sun Behind It?
Story Highlights
ETH price surged 28% in 2 weeks, reaching $3,000.

Positive outlook driven by potential Ethereum ETFs and upcoming Dencun upgrade.

Analysts project 50% chance of SEC approval for ETFs, but some remain skeptical about an immediate launch.

In an interesting move, Ethereum (ETH) has hit a two-year peak, making significant waves as Bitcoin (BTC) shows signs of a slowdown. The Ethereum surge is sparking speculation about the possibility of a new altcoin season.

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ETH reached an impressive $3,014, showcasing strength in the market. While it currently stands just below $3,000 at $2,937, Ethereum’s market cap remains a robust $358.96 billion. In the last week, it climbed 13.1% against the U.S. dollar, with a remarkable 28% surge over the past two weeks. Ethereum now holds 17.9% of the $2 trillion crypto market.

What’s next? Let’s find out.

Insights into the Climb: Bulls Eyeing $3,000
Negentropic, Glassnode’s co-founder, shares insights into Ethereum’s journey to the significant $3,000 milestone. With a notable 3.35% surge on Sunday, Ethereum edges closer to the target, fueled by optimism around Ethereum-based exchange-traded funds (ETFs). The potential for Ethereum to retake $3,000 hinges on ETH bulls rallying, with projections reaching as high as $3,004.

Analysts are closely watching Bitcoin ETFs and filings from major players like ARK, VanEck, and Franklin Templeton for ETH ETFs. These developments create anticipation, especially after Ethereum surpassed Sunday’s high. ETF applications are seen as crucial for Ethereum’s strategic positioning in the market.

Spot Ethereum ETF: A Potential Game-Changer?

The current bullish trend centers around the potential approval of a spot Ethereum ETF. Financial experts believe approval could integrate Ethereum further into the mainstream financial system, potentially increasing its value and appeal to investors. The SEC’s decision is awaited, with the next deadline in May.

Also Read: SEC’s Gary Gensler: Bitcoin ETF Nod Doesn’t Guarantee Ethereum ETF Approval

Mixed Predictions and Future Outlook
Dave LaValle, head of ETFs at Grayscale, projects a 50% likelihood of SEC approval for Ethereum ETFs, slightly lower than Bloomberg Analyst Eric Balchunas’ predictions in November 2023. Meanwhile, Bloomberg Intelligence’s ETF specialist, James Seyffart, remains skeptical, casting doubt on the immediate launch of an Ethereum ETF.

Dencun Upgrade

Adding fuel to Ethereum’s surge is the anticipation surrounding the upcoming Dencun upgrade, scheduled for mid-March. This upgrade promises significant improvements to the Ethereum network, including proto-dank sharding and fee reductions.

This Might Interest You: Here’s Why Ethereum, Along With Some Altcoins, May Outperform Bitcoin By the End of Q1 2024

The goal is to enhance network performance, decrease transaction costs, and improve interoperability across Ethereum’s ecosystem.

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Price Analysis

Here’s Why Ethereum, Along With Some Altcoins, May Outperform Bitcoin By the End of Q1 2024

Author: Sahana Vibhute

Feb 21, 2024 17:50
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Bitcoin & Ethereum
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Crypto markets have approached the middle of the first quarterly trade, which has drawn bearish activity, interfering with the bullish trajectory.

Besides, Ethereum is about to execute a strong bullish swing, which may propel the values of other altcoins as well

The Ethereum price surpassed the key levels at $3000 after a prolonged consolidation of over 24 months. This generated a bullish wave across the markets and elevated the levels of the majority of altcoins. Unfortunately, it appeared to be a short-lived rally as the bears quickly grabbed the opportunity to cash out on the rally. This has caused a minor drop, while the ETH price is struggling hard to sustain over $2900. However, in some days, the Ethereum network is expected to undergo a major upgrade, which may turn the table for the ETH price rally.

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As known to all, Bitcoin is expected to undergo a halving event in April, but before that, the Ethereum network is about to get upgraded on March 13. The Dencun upgrade is expected to be a game changer for the platform as it addresses the issue related to transaction fees, which continue to soar despite the merger that was executed in 2022. The upgrade is expected to increase the processing capacity to over 100,000 TPS, which may reduce transaction costs.

Who Would Benefit from this Upgrade?
The upgrade may introduce ‘Blobs’, which is a temporary data storage mechanism that addresses data availability for Ethereum rollup solutions. This could increase the throughput of layer-2 solutions, allowing lower fees even in times of high network congestion. However, they ensure that no permanent space is locked over the network.

With this, the native tokens of the platforms will benefit because they aim to process unlimited and affordable transactions within a secured environment. Below are the projects that may benefit from this upgrade.

Optimism (OP)
Manta Network (MANTA)
Polygon (MATIC)
Starknet (STRK
zkSync
Apart from the layer-2 solutions, the staking and staking protocols may also have a huge advantage. Nearly 70 million ETH is already staked, which emphasises the confidence of the traders in the cryptos. Besides, staking allows the liquid staking token holders to stake their tokens on the Eigen layer.

On the whole, it appears to be a good time to be bullish on Ethereum as the network is approaching the pivotal Dencun upgrade. Besides, the spot ETF may also have a significant impact, which may keep the ETH price rally elevated.

Altcoins Ethereum Price Analysis
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