Ethereum

Rally

Momentum

Gains

<img width="1280" height="720" src="https://coingape.com/wp-content/uploads/2024/02/Ethereum-price-logo.jpeg" class="attachment-full size-full wp-post-image" alt="Ethereum Price Forecast: 4 Factors That Could Push ETH To $4,000 In March" decoding="async" style="float:right; margin:0 0 10px 10px;" srcset="https://coingape.com/wp-content/uploads/2024/02/Ethereum-price-logo.jpeg 1280w, https://coingape.com/wp-content/uploads/2024/02/Ethereum-price-logo-300x169.jpeg 300w, https://coingape.com/wp-content/uploads/2024/02/Ethereum-price-logo-1224x689.jpeg 1224w, https://coingape.com/wp-content/uploads/2024/02/Ethereum-price-logo-768x432.jpeg 768w, https://coingape.com/wp-content/uploads/2024/02/Ethereum-price-logo-678x381.jpeg 678w, https://coingape.com/wp-content/uploads/2024/02/Ethereum-price-logo-150x84.jpeg 150w" sizes="(max-width: 1280px) 100vw, 1280px">
Ethereum price is currently trading above the $3000 psychological level after nearly 2 years, backed by massive spikes in trading volumes. Experts predict spot Ether ETFs, rising open interests, and other reasons make a rally to $4,000 imminent, leaving behind Bitcoin. 
<h2 id="ethereum-price-gains-momentum-above-3-000">Ethereum Price Gains Momentum Above $3,000</h2> 
ETH price has rallied nearly 3% in the last 24 hours, defying broader crypto market correction. Bloomberg noted a shift in trends observed in 2023, where Bitcoin typically led the market. <a href="https://coingape.com/ether-eth-to-outperform-bitcoin-btc-in-coming-months-bloomberg/" target="_blank" rel="noopener">Ethereum</a> (ETH) outpacing Bitcoin (BTC) this year with a remarkable 28% climb compared to Bitcoin’s 21% advance. 
Bitcoin dominance has again declined to 51% as Ethereum gains momentum, triggering an upsurge in altcoins. Whale and crypto firms are mainly driving this upside momentum. Whales accumulated significant ETH when price breakout above the $2600 level after a retest to $2250. 
Sentiment data revealed a rise in ‘Social mentions of $3K and buying Ethereum’ in this week. While Ethereum price dipped amid the <a href="https://coingape.com/crypto-market-bleeds-reasons-why-bitcoin-eth-sol-xrp-fell-suddenly/" target="_blank" rel="noopener">crypto market selloff</a> yesterday, FOMO and its impact on prices are clearly visible. Meanwhile, Ethereum has an all-time high of 114.95 million holders as compared to 5.22 million holders of Tether (USDT) 
<figure style="width: 100%" class="wp-caption aligncenter">
 <img decoding="async" src="https://pbs.twimg.com/media/GG5WKB3bAAAOdbo?format=jpg&amp;name=4096x4096" alt="Ethereum" width="763" height="542">
 <figcaption class="wp-caption-text">
 Source: Santiment
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</figure> 
Also Read: <a href="https://coingape.com/terra-vs-sec-court-sets-pretrial-deadline-as-do-kwon-set-for-us-extradition/" target="_blank" rel="noopener">Terra Vs SEC: Court Sets Pretrial Deadline As Do Kwon Set for US Extradition</a> 
<h3 id="eth-price-rally-to-4-000">ETH Price Rally to $4,000</h3> 
Experts including analyst Michael van de Poppe predict a consolidation in Bitcoin for the next coming months and suggest rotating much money to the Ethereum ecosystem. People will make profits just by holding ETH rather than day trading as a potential approval of spot Ether ETF looms in May. 
Combining spot Ether ETF narrative, <a href="https://coingape.com/ethereum-dencun-upgrade-these-six-layer-2-platforms-to-benefit-the-most/" target="_blank" rel="noopener">Dencun upgrade</a>, demand side for restaking airdrop farming, and strong ETHBTC charts in all timeframes, Ethereum price rally will continue for many weeks ahead. 
<img decoding="async" class="aligncenter" src="https://pbs.twimg.com/media/GG5iVT5aQAA-olF?format=jpg&amp;name=large" alt="Image" width="794" height="453"> 
<a href="https://coingape.com/price/ethereum" target="_blank" rel="noopener">ETH price</a> jumped over 3% in the past 24 hours, with the price currently trading at $3,017. The 24-hour low and high are $2,875 and $3,021, respectively. However, the trading volume has declined slightly in the last 24 hours. As per a CoinGape Markets analysis, an <a href="https://coingape.com/markets/ethereum-price-prediction-eth-hits-2700-3600-milestone-next/" target="_blank" rel="noopener">ETH rally</a> to $4000 is imminent. 
Moreover, 792K&nbsp;ETH options of notional value $2.4 billion are set to expire, with a put call ratio of 0.49. The max pain point is $2,400. Options and futures traders are bullish on Ethereum, making higher bets 
<img decoding="async" class="aligncenter" src="https://coingape.com/wp-content/uploads/2024/02/screenshot-metrics.deribit.com-2024.02.21-15_17_18.png" alt="Ethereum options" width="743" height="275"> 
Also Read: <a href="https://coingape.com/ethereums-vitalik-buterin-highlights-permanent-money-loss-risk-in-l2/" target="_blank" rel="noopener">Ethereum’s Vitalik Buterin Highlights Permanent Money Loss Risk in L2</a> 
The post <a href="https://coingape.com/ethereum-price-rally-gains-momentum-4000-here-why/">Ethereum Price Rally Gains Momentum for $4000, Here Why?</a> appeared first on <a href="https://coingape.com">CoinGape</a>.

Ethereum Price Rally Gains Momentum for $4000, Here Why?

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