Ethereum

Spot

<p style="text-align: justify">You can also read this news on BH NEWS: <a href="https://en.bitcoinhaber.net/ethereum-soars-past-4000-rallying-ahead-of-major-network-upgrade" rel="noopener noreferrer nofollow">Ethereum Soars Past $4,000, Rallying Ahead of Major Network Upgrade</a><br></p>
<p style="text-align: justify"><a href="https://en.bitcoinhaber.net/blackrocks-approval-of-ethereum-spot-etf-could-boost-price-analyst-predicts" rel="noopener noreferrer nofollow">Ethereum</a>, the second-largest cryptocurrency by market capitalization, has experienced a remarkable surge, reaching a peak price of $4,012 for the first time since December 2021. This surge occurs in the context of the cryptocurrency’s transition to a Proof-of-Stake (PoS) system, stirring enthusiasm among investors and community members. The forthcoming Denice upgrade is particularly significant as it represents a major step forward for the Ethereum network, potentially enhancing scalability and efficiency. This milestone demonstrates Ethereum’s resiliency and forward momentum in the competitive cryptocurrency market landscape.</p>
<h2 id="ethereum-s-market-resurgence">Ethereum’s Market Resurgence</h2>
<p style="text-align: justify">On major trading platforms, such as <a href="https://en.bitcoinhaber.net/justin-suns-cryptocurrency-exchanges-suffer-major-hacks" rel="noopener noreferrer nofollow">Coinbase</a> and Binance, Ethereum’s value has climbed, reflecting a robust performance and reviving interest in altcoins. This increase is coupled with the anticipation of the network’s switch from Proof-of-Work (PoW) to PoS through the landmark Merge. The upcoming Denice Hard Fork, scheduled for March 13, promises further advancement with the introduction of proto-danksharding, anticipated to improve Ethereum’s blockchain capabilities.</p>
<h2 id="supply-dynamics-and-price-projections">Supply Dynamics and Price Projections</h2>
<p style="text-align: justify">Recent data indicates that a substantial volume of Ether has been taken out of circulation in the past month, with half a billion dollars’ worth being burned, effectively decreasing the supply and reducing selling pressure. This is construed as a favorable development for Ethereum’s sustainability and value increase. With technical indicators like MACD and the Awesome Oscillator hinting at an optimistic outlook, price targets are inching closer to Ethereum’s all-time high in December 2021, with the possibility of hitting the $5,000 mark.</p>
<p style="text-align: justify">However, a potential dip below the 38.2% Fibonacci retracement level, with a closure at $3,307, could challenge the bullish sentiment, possibly leading to a downward correction towards the $3,000 support level. This serves as a critical juncture for Ethereum’s price trajectory in the near term.</p>
<h2 id="regulatory-considerations-and-institutional-interest">Regulatory Considerations and Institutional Interest</h2>
<p style="text-align: justify">Another focal point is the regulatory classification of Ethereum, which could impact the approval of a Spot Ethereum ETF, a decision set to be made in May. Legal experts suggest that Ethereum is unlikely to be deemed a <a href="https://en.bitcoinhaber.net/lido-finance-addresses-serious-security-issue-discovered-by-dwallet-labs" rel="noopener noreferrer nofollow">security</a>, which could alleviate potential jurisdictional clashes with the CFTC, which regards it as a commodity. If the SEC approves a Spot Ethereum ETF, this could usher in greater institutional investment and bolster Ethereum’s stature in the cryptocurrency market.</p>
<h5><span style="font-weight:bold;font-size:16px">The post first appeared on BH NEWS: </span> <a href="https://en.bitcoinhaber.net/ethereum-soars-past-4000-rallying-ahead-of-major-network-upgrade" rel="noopener noreferrer nofollow">Ethereum Soars Past $4,000, Rallying Ahead of Major Network Upgrade</a></h5>

Ethereum Soars Past $4,000, Rallying Ahead of Major Network Upgrade

Table of Contents

BH NEWS

Other articles published on Mar 9, 2024

Solana Meme Coin Trader Turns $1,800 Into $11 Million, Here’s How

Bitcoin To Rival Gold? JPMorgan Says Yes, But With A Twist

Top 3 Altcoins Under $1

Rising Tide of Cryptocurrency Scams Alarms the FBI

Bitcoin Price Prediction: BTC Briefly Breaks $70K To Record New ATH As Investors Flock To This Bi...

BlackRock plans to add Bitcoin ETFs to global allocation fund

Join our free newsletter for daily crypto updates!