Ethereum’s Price Surge: Will It Hit $4,000?

Ethereum has the potential to increase to $4,000, riding the overall bullish momentum in the entire crypto market.

Azcnews (1)

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.

Ethereum 1D Chart from TradingView
Ethereum 1D Chart from TradingView

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.

(9 votes)

5.0/5

(9 votes)
  1. Avatar of
    Anonymous

    Who can teach me this

  2. Avatar of
    Anonymous

    What?

Comments are closed.

Latest

Nobitex Crypto Exchange Resumes Operations After $90 Million Hack

News | Editor Choice | Policy & Regulations

Nobitex Crypto Exchange Resumes Operations After $90 Million Hack

After a shocking $90 million hack, Iran’s crypto exchange Nobitex has begun restoring its services with strict security measures, allowing access only to verified users.

Game Designer Analyzes Xrp’s Path To A 913,000% Price Surge To $20,000

News | Altcoin | Editor Choice

Game Designer Analyzes XRP’s Path to a 913,000% Price Surge to $20,000

A bold theory is gaining attention within the XRP community: the idea that the token could reach $20,000 — a surge of over 900,000% — if adopted by global financial institutions as part of core financial infrastructure.

Metaplanet Acquires An Additional 1,005 Bitcoin, Ranks In Top 5

Bitcoin | Editor Choice

Metaplanet Acquires an Additional 1,005 Bitcoin, Ranks in Top 5

Metaplanet has purchased an additional 1,005 BTC, bringing its total reserves to 13,350 BTC and placing it among the top 5 companies with the most Bitcoin holdings.

Vitalik Buterin Issues Risk Warning About Worldcoin

Altcoin | Editor Choice

Vitalik Buterin Issues Risk Warning About Worldcoin

Vitalik Buterin has issued a warning about the risk of privacy breaches undermining the privacy rights that Worldcoin provides.

Binance Linked Group Joins Drafting Of Crypto Legislation In Kenya

News | Editor Choice | Policy & Regulations

Binance-Linked Group Joins Drafting of Crypto Legislation in Kenya

The inclusion of an organization allegedly closely tied to Binance in Kenya’s new crypto regulatory board has sparked concerns among local startups about potential policy manipulation and unfair competition.