Ethereum

Rally

Pepe

Arbitrum

Shiba Inu

The total crypto market capitalization is closing in on the $2.5 trillion threshold underpinned by&nbsp;<a href="https://coingape.com/markets/reasons-why-bitcoin-price-poised-for-retrace-after-topping-65000/" rel="noopener noreferrer nofollow">a Bitcoin price</a>&nbsp;surge above $65,000 on Monday. Although bullish, the&nbsp;<a href="https://coingape.com/markets/ethereum-price-analysis-pullback-before-leap-to-4000/" rel="noopener noreferrer nofollow">Ethereum price prediction</a>&nbsp;reveals a struggling second-largest cryptocurrency, which has since last week oscillated between support at $3,400 and resistance at $3,550.
In the meantime, select meme coins including&nbsp;<a href="https://coingape.com/shiba-inus-competitor-golden-inu-sees-price-surge-following-mexc-listing/" rel="noopener noreferrer nofollow">Shiba Inu</a>&nbsp;(SHIB), Dogecoin (DOGE), and&nbsp;<a href="https://coingape.com/pepe-coin-price-rallies-70-binance-extends-support-for-pepe/" rel="noopener noreferrer nofollow">PEPE</a>&nbsp;are charging forward, shaping the altcoin landscape.
<a href="https://coingape.com/dogecoin-whales-move-245m-coins-amid-etf-buzz-doge-hit-0-2/" rel="noopener noreferrer nofollow">Dogecoin</a>&nbsp;secured its position in the top ten, boasting a 12.5% in its cap to $22.8 billion. The ninth-largest crypto’s $5 billion 24-hour trading volume underlines growing interest among traders and investors.
Shiba Inu and Pepe Coin’s last week’s rally was unstoppable over the weekend, with the former peaking at $0.00002263, and the latter achieving a new all-time high of $0.000007583, according to&nbsp;<a rel="noopener noreferrer nofollow" href="https://coinmarketcap.com/currencies/pepe/">CoinMarketCap</a>&nbsp;market data.
Recommended: <a href="https://coingape.com/markets/shib-bonk-floki-price-analysis-memecoin-crypto-market-cap-2-5-trillion/" target="_blank" rel="noopener noreferrer nofollow">SHIB, BONK, FLOKI Price Analysis As Memecoin Rally Leads Crypto Market Cap to $2.5 Trillion</a>
<h2 class="p1" id="ethereum-price-prediction-is-there-a-way-out-for-eth-bulls">Ethereum Price Prediction: Is There A Way Out For ETH Bulls?</h2>
Ethereum performed exceptionally well in January and February buoyed by growing optimism for the spot ETF. Investors turned to Ethereum following the approval of Bitcoin ETFs, with many believing that it will not be long until the Securities and Exchange Commission (SEC) considers a spot&nbsp;<a href="https://coingape.com/crypto-stocks-rally-after-1-8b-bitcoin-eth-etf-inflow/" rel="noopener noreferrer nofollow">ETH ETF.</a>
In addition to the ETF, the upcoming&nbsp;<a href="https://coingape.com/ethereum-dencun-upgrade-these-six-layer-2-platforms-to-benefit-the-most/" rel="noopener noreferrer nofollow">Dencun upgrade</a>, scheduled for March 13 could be a major market mover for Ethereum price. With this protocol upgrade, Ethereum will tackle the issue of scalability by increasing the block size from 12.5 MB to 25 MB.
Layer 2 scaling networks like Arbitrum and Polygon will benefit the most from the Dencun upgrade promising cheaper and faster transactions.
In the previous week, Ethereum moved in tandem with Bitcoin as it tested resistance in the range between $3,500 and $3,600. At the time, BTC launched above $60,000 and tested $64,000 before settling for sideways oscillation above short-term support at $62,000.
While an aggressive Bitcoin ascended above $65,000 on Monday, Ethereum struggled to clear resistance at $3,500 with the area at $3,550 emerging as a new sell-wall.
Trading at $3,490 during US business hours on Monday, Ethereum needs to close above $3,500 to convince investors that the upturned is intact. Otherwise, a longer sideways trend may start to form to allow for fresh re-accumulation to boost the next leg up targeting highs above $4,000 and the record high around $4,890.
<figure id="attachment_184030" aria-describedby="caption-attachment-184030" style="width: 100%" class="wp-caption aligncenter"><img decoding="async" class="size-full wp-image-184030" src="https://coingape.com/wp-content/uploads/2024/03/ETHUSD_2024-03-04_17-04-21.png" alt="Ethereum price prediction chart | Tradingview" width="2694" height="1444" srcset="https://coingape.com/wp-content/uploads/2024/03/ETHUSD_2024-03-04_17-04-21.png 2694w, https://coingape.com/wp-content/uploads/2024/03/ETHUSD_2024-03-04_17-04-21-300x161.png 300w, https://coingape.com/wp-content/uploads/2024/03/ETHUSD_2024-03-04_17-04-21-1224x656.png 1224w, https://coingape.com/wp-content/uploads/2024/03/ETHUSD_2024-03-04_17-04-21-768x412.png 768w, https://coingape.com/wp-content/uploads/2024/03/ETHUSD_2024-03-04_17-04-21-1536x823.png 1536w, https://coingape.com/wp-content/uploads/2024/03/ETHUSD_2024-03-04_17-04-21-2048x1098.png 2048w, https://coingape.com/wp-content/uploads/2024/03/ETHUSD_2024-03-04_17-04-21-150x80.png 150w" sizes="(max-width: 2694px) 100vw, 2694px">
 <figcaption id="caption-attachment-184030" class="wp-caption-text">
 Ethereum price prediction chart | Tradingview
 </figcaption>
</figure>
The Relative Strength Index (RSI) reinforces the bullish theory. Although slightly overbought at 81, the RSI backs the current uptrend, suggesting that ETH’s sideways doldrums may not last long.
According to the Money Flow Index (MFI) the inflow and outflow of money into Ethereum are equal and canceling out, which explains the current sideways trading.
Traders need a confirmation of movement above $3,500 to go all-in on ETH and bet on the price rallying to close the distance to $4,000. Other key levels to watch out for are the hurdles at $3,600 and $3,800. On the downside, support levels stand at $3,400 and $3,200, respectively.
The post <a href="https://coingape.com/markets/ethereum-price-prediction-how-far-will-meme-coins-doge-shib-pepe-drive-altcoins-rally-as-eth-stalls/" rel="noopener noreferrer nofollow">Ethereum Price Prediction: How Far Will Meme Coins DOGE, SHIB, PEPE Drive Altcoins Rally As ETH Stalls?</a> appeared first on <a href="https://coingape.com" rel="noopener noreferrer nofollow">CoinGape</a>.

Ethereum Price Prediction: How Far Will Meme Coins DOGE, SHIB, PEPE Drive Altcoins Rally As ETH Stalls?

Table of Contents

Coingape News Media

Other articles published on Mar 4, 2024

Hong Kong Markets Regulator Warns Local Investors About BitForex

Binance user shares update on $70k loss incident highlighting security gaps and response concerns

Bitcoin (BTC) Approaches New All-Time High After Surpassing $65,000, Solana (SOL) Targets $150, a...

Tron (TRX) Founder Justin Sun Made a New Announcement, This Altcoin Is on the Rise!

Bitcoin Withdrawals From Crypto Exchanges Surpassed $2 Billion In A Day As Bitcoin Surges Towards...

Tickmill Partners with Capitalise.ai to Elevate Traders’ Experience

Join our free newsletter for daily crypto updates!