Ethereum

Vortex

Oasis

Rise

Ethereum Price Prediction:&nbsp; After Grayscale’s GBTC outflow slowed down, the overall market saw a reduction in selling pressure, sparking a relief rally across cryptocurrencies. This change in market dynamics, coupled with increased buying interest, allowed the <a href="https://coingape.com/markets/ethereum-price-prediction-as-eth-eyes-upcoming-dencun-upgrade-igniting-run-to-4000/" rel="noopener noreferrer nofollow">Ethereum</a> (ETH) Price to recover from its local support level of $2170 in late January.
Within the last two weeks, the coin price surged 6% to current trade at $2300. With Ethereum’s Dencun upgrade progressing at a steady pace, the coin value is likely to develop the current reversal in a more sustainable recovery.
<h2 id="b-new-found-support-bolster-eth-price-to-hit-2700-b">New Found Support Bolster ETH Price to Hit $2700</h2>
<ul>
 <li style="font-weight: 400;" aria-level="1">The Ethereum’s Fear and Greed index at 55% reflects the market sentiment remains neutral</li>
 <li style="font-weight: 400;" aria-level="1">The supply pressure at $2390 may trigger a sideways action in ETH price for the coming week</li>
 <li style="font-weight: 400;" aria-level="1">The intraday trading volume in Ether is $5.09 Billion, indicating a 34% gain.</li>
</ul>
<figure style="width: 100%" class="wp-caption alignnone"><img decoding="async" src="https://s3.tradingview.com/snapshots/2/2mi7YHs7.png" alt="Ethereum Price Prediction" width="1946" height="937">
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 Ethereum Price Prediction| TradingView Chart
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The <a href="https://coingape.com/price/ethereum/" rel="noopener noreferrer nofollow">Ethereum price</a> correction witnessed a surge in demand pressure at $2170 monthly support above the 50% retracement level. This healthy pullback and improved market sentiment triggered a positive turn to $2390 this week.
During this surge, the much-anticipated Dencun upgrade was deployed on the Sepolia testnet. This hard fork introduces “proto-danksharding,” a feature designed to improve scalability and lower transaction fees for Ethereum users.&nbsp;
Once fully implemented, the <a href="https://coingape.com/ethereums-dencun-upgrade-nears-mainnet-debut-will-eth-rally/" rel="noopener noreferrer nofollow">Dencun upgrade</a> is poised to substantially boost Ethereum’s network, potentially supporting over 100,000 transactions per second. The last test phase before Dencun goes live on the Ethereum mainnet is the Holesky testnet, set for February 7, 2024.
<blockquote class="twitter-tweet" data-width="550" data-dnt="true">
 More testnet blobs on the way .oO
 Dencun will activate on Sepolia Jan 30, and on Holesky Feb 7. If running a node on either network, now's the time to update it!
 Assuming both of these go smoothly, mainnet is next <img src="https://s.w.org/images/core/emoji/14.0.0/72x72/2705.png" alt="✅" class="wp-smiley" style="height: 1em; max-height: 1em;"><a href="https://t.co/QbEUACix2S" rel="noopener noreferrer nofollow">https://t.co/QbEUACix2S</a>
 — timbeiko.eth <img src="https://s.w.org/images/core/emoji/14.0.0/72x72/2600.png" alt="☀" class="wp-smiley" style="height: 1em; max-height: 1em;"> (@TimBeiko) <a href="https://twitter.com/TimBeiko/status/1750344001641947256?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">January 25, 2024</a>
</blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
This fundamental growth should bolster a natural growth in <a href="https://coingape.com/mysterious-9-year-old-ethereum-wallet-reactivates-with-1-1m/" rel="noopener noreferrer nofollow">ETH</a> price and return back to the recovery trend. Therefore, for the buyers to get a better conviction of recovery, they must break the key overhead resistances of $2390 and the 50% retracement level of correction at $2410.
The post-breakout rally may surge the Ether by over 10% to rechallenge the last peak of $2700. This level stands as the next key barrier before buyers reclaim the $3000 milestone.
<ul>
 <li aria-level="1">Exponential Moving Average (EMA): The 100-day <a href="https://coingape.com/education/exponential-moving-average-how-to-leverage-it-in-crypto-market/" rel="noopener noreferrer nofollow">EMA</a> slope continues to act as strong dynamic support for ETH during minor pullbacks.</li>
 <li aria-level="1">Vortex Indicator: The VI+(blue) and VI-(pink) in a bearish crossover state reflect the correction trend is still active.</li>
</ul>
<h3 id="related-articles">Related Articles:</h3>
<ul>
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 <li><a href="https://coingape.com/bitcoin-to-likely-perform-well-in-2024-as-market-turns-bullish-report/" rel="noopener noreferrer nofollow">Bitcoin to Likely Perform Well in 2024 as Market Turns Bullish: Report</a></li>
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The post <a href="https://coingape.com/markets/ethereum-price-prediction-obstacle-in-eth-path-3k-mark/" rel="noopener noreferrer nofollow">Ethereum Price Prediction: Key Obstacle in ETH’s Path to Reclaim $3K Mark</a> appeared first on <a href="https://coingape.com" rel="noopener noreferrer nofollow">CoinGape</a>.

Ethereum Price Prediction: Key Obstacle in ETH’s Path to Reclaim $3K Mark

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