Ethereum

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<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 prediction chart" 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’s bullish outlook and strength against the largest cryptocurrency Bitcoin is a force likely to be reckoned with in Q1. Despite&nbsp;<a href="https://coingape.com/markets/bitcoin-price-forecast-is-btc-going-to-60k-or-48k-as-lth-supply-in-loss-shrinks/">Bitcoin price</a>&nbsp;stalling above $52,000 and resistance at $52,800,&nbsp;<a href="https://coingape.com/markets/ethereum-price-prediction-eth-hits-2700-3600-milestone-next/">Ethereum price prediction</a>&nbsp;shows the smart contracts token touching $3,000 for the first time since 2022. 
Ethereum’s stellar performance is driven by multiple catalysts, such as the spot ETF hype, the Dencun upgrade, the Bitcoin halving, and Ethereum’s deflationary nature after the Merge. 
ETH’s circulating supply is shrinking, as the transaction fee burn program gains traction. The switch from&nbsp;<a href="https://coingape.com/glossary/proof-of-work-pow/">proof-of-work</a>&nbsp;to&nbsp;<a href="https://coingape.com/glossary/proof-of-stake-pos-lets-explore-this-blockchain-consensus-mechanism/">proof-of-stake</a>&nbsp;meant that some of the fees earned by validators are burned or taken out of circulation. This, along with the increase in staked Ether, is creating a supply and demand imbalance, which continues to boost the bullish trend. 
<h2 class="p1" id="ethereum-price-prediction-is-the-dencun-upgrade-pumping-eth">Ethereum Price Prediction: Is The Dencun Upgrade Pumping ETH?</h2> 
Developers of the second-largest crypto network are working towards the launch of the&nbsp;<a href="https://coingape.com/ethereum-dencun-upgrade-here-are-2-crucial-dates-to-watch/">Dencun upgrade</a>. It will introduce&nbsp;<a href="https://coingape.com/ethereum-dencun-upgrade-unleashes-proto-danksharding-on-goerli-testnet/">proto-danksharding</a>, a feature that will reduce transaction fees and data availability costs for layer-2 chains. 
Dencun will also implement several Ethereum Improvement Proposals (EIPs) to enhance the network’s scalability, efficiency, and security. Anticipated to debut on the mainnet in March, Dencun is a fusion of the Cancun and Deneb upgrades, which will upgrade Ethereum’s execution and consensus layers, respectively. 
Recommended:&nbsp;<a href="https://coingape.com/markets/crypto-market-insights-today-february-20th-btc-hbar-fil/">Crypto Market Insights For February 20th: BTC, HBAR, FIL</a> 
Many analysts and investors have started warming up to the idea of Ethereum gaining strength due to the Dencun upgrade. Michaël van de Poppe, the founder of MN Trading Consultancy, argues that the rotation of funds from Bitcoin will also contribute to keeping ETH bullish, especially if BTC encounters “a short-term peak.” 
<blockquote class="twitter-tweet" data-width="550" data-dnt="true"> 
 Strength on <a href="https://twitter.com/hashtag/Ethereum?src=hash&amp;ref_src=twsrc%5Etfw">#Ethereum</a> is likely going to come from the Dencun upgrade, or a short-term peak of Bitcoin. 
 I'm suspecting both at the same time, and preferably you would want to see Ethereum reclaim 0.06. <a href="https://t.co/riVKSvCVAP">pic.twitter.com/riVKSvCVAP</a> 
 — Michaël van de Poppe (@CryptoMichNL) <a href="https://twitter.com/CryptoMichNL/status/1759561810267529550?ref_src=twsrc%5Etfw">February 19, 2024</a>
</blockquote> 
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script> 
Ethereum price, after closing above a key weekly resistance, relevant since March 2022, signals a stronger bullish outlook both in the short-term and long-term. 
The uptrend appears to have run into a blockade at $3,000, resulting in a minor retrace to collect liquidity. ETH traded at $2,920 during US business hours on Tuesday, supported by the 0.5 Fibonacci level. 
<figure id="attachment_181596" aria-describedby="caption-attachment-181596" style="width: 100%" class="wp-caption aligncenter">
 <img decoding="async" class="size-full wp-image-181596" src="https://coingape.com/wp-content/uploads/2024/02/ETHUSD_2024-02-20_18-52-16.png" alt="Ethereum price prediction chart " width="2710" height="1454" srcset="https://coingape.com/wp-content/uploads/2024/02/ETHUSD_2024-02-20_18-52-16.png 2710w, https://coingape.com/wp-content/uploads/2024/02/ETHUSD_2024-02-20_18-52-16-300x161.png 300w, https://coingape.com/wp-content/uploads/2024/02/ETHUSD_2024-02-20_18-52-16-1224x657.png 1224w, https://coingape.com/wp-content/uploads/2024/02/ETHUSD_2024-02-20_18-52-16-768x412.png 768w, https://coingape.com/wp-content/uploads/2024/02/ETHUSD_2024-02-20_18-52-16-1536x824.png 1536w, https://coingape.com/wp-content/uploads/2024/02/ETHUSD_2024-02-20_18-52-16-2048x1099.png 2048w, https://coingape.com/wp-content/uploads/2024/02/ETHUSD_2024-02-20_18-52-16-150x80.png 150w" sizes="(max-width: 2710px) 100vw, 2710px">
 <figcaption id="caption-attachment-181596" class="wp-caption-text">
 Ethereum price prediction chart | Tradingview
 </figcaption>
</figure> 
Technical indicators ranging from the moving averages to the Moving Average Convergence Divergence (MACD) indicator are aligned to keep Ether’s uptrend going. 
Traders would be on the lookout for a daily close above $3,000 in the coming sessions but most importantly, a weekly candle close on top of the same level. 
Attention would then shift to the next critical zones highlighted in yellow and red. A successful retest of this area may trigger FOMO, with more investors buying to ride the trend to $4,000 and later to an all-time high. 
Failure to move and hold above $3,000 could keep&nbsp;<a href="https://coingape.com/ethereum-eth-price-rally-to-4000-imminent-amid-massive-whale-accumulation/">Ethereum</a>&nbsp;confined between support at $2,400 and resistance at $2,900 ahead of the Dencun upgrade. 
<h3 class="p1" id="related-articles">Related Articles</h3> 
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The post <a href="https://coingape.com/markets/ethereum-price-prediction-after-eth-tags-3k-dencun-upgrade-in-play-to-4k/">Ethereum Price Prediction After ETH Tags $3k, Dencun Upgrade In Play To $4k?</a> appeared first on <a href="https://coingape.com">CoinGape</a>.

Ethereum Price Prediction After ETH Tags $3k, Dencun Upgrade In Play To $4k?

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