Ethereum has embarked on a remarkable price rally in February 2024, showcasing impressive performance by briefly crossing the $3,500 threshold before retracting to $3,423. Following an extended period of trading below $3,000, Ethereum has witnessed a significant upward surge this month, prompting discussions among investors about the possibility of reaching the $4,000 milestone.
A cursory analysis of Ethereum reveals its standing as the second-largest cryptocurrency by market value, trailing only Bitcoin, boasting a market capitalization of $418,718,997,656. Over the past 29 days, ETH has witnessed a noteworthy surge of over 55%, accompanied by a corresponding increase in trading volume.
The trading volume of ETH has experienced a 40% uptick in the last 24 hours, currently resting at $36,156,441,428 as of the latest update. The price of Ethereum has marked a 0.5% increase within the same timeframe, settling at $3,414.
In anticipation of Ethereum breaking the $3,000 level, a prediction that has now materialized, attention is now turning towards the next target of $4,000, a milestone seemingly within reach. Prominent bank Standard Chartered shares a similar price prediction, citing two compelling factors that bolster Ethereum’s likelihood of attaining this new target.
Delving into the bullish outlook for Ethereum, its current price is only 28% below the all-time high of $4,891.70, recorded on November 16, 2021. As Ethereum approaches this pinnacle, the prospect of surpassing it becomes increasingly plausible.
Related: Surge in Profitable Ethereum Transactions
The fear and greed index in the crypto market reflect extreme greed, signaling the potential for substantial price surges not only for ETH but also for various other cryptocurrencies.
A pivotal factor influencing Ethereum’s price trajectory is Bitcoin’s recent surge to $64,000, nearing its all-time high of $69,000. The upward momentum of BTC appears to exert a positive influence on the prices of alternative coins, including Ethereum. Bitcoin swiftly ascended from $50,000 to $65,000 in a matter of days, and Ethereum seems to be mirroring this upward trend.
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