2024-3-11 16:12 |
With Bitcoin recently hitting an all-time high of $72,242, questions are being raised about whether Ethereum (ETH) will follow suit as the second-largest cryptocurrency based on market value enjoys a remarkable surge.
To unravel this puzzle, renowned crypto analyst Michael van de Poppe took to X, formerly Twitter, and revealed that there was a high likelihood for Ethereum being next in line in recording ATH thanks to various factors, such as the potential spot ETH exchange-traded fund (ETH) approval.
The Dencun upgrade, slated for March 13, is being awaited with bated breath. It will boost cost efficiency and transaction speeds through enhanced sharding.
On the other hand, approving a spot ETH ETF will play an instrumental role in pumping significant capital inflows needed to take Ethereum to the next level, as evidenced by the Bitcoin network. Experts speculate that this might happen later on in May this year.
Will Ethereum Sustain the $4,000 Support Level?Given that ETH hit its ATH price of $4,800 in November 2021, the network is being monitored closely since this level might be breached this cycle.
With Ethereum sitting above the significant support zone between $3,400 and $3,500, stakes are high that it will continue scaling heights thanks to various bullish factors like ETH funding rates going through the roof.
Ethereum funding rates recently reached levels last seen in late 2020, illustrating heightened investor confidence since they depict trading activity and market sentiment.
Therefore, time will tell how the second-largest crypto will shape up in the long and short term as it continues to enjoy a notable uptrend. According to CoinGecko, Ethereum was up by 69.4% in the past month to hit $4,052 at press time.
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