Here’s Why Ethereum (ETH) Price is Poised to Reach a New All-Time High (ATH) in March

Ethereum (ETH), the second-largest cryptocurrency, is expected to experience further growth in the near future as the market eagerly awaits employment data from the United States. Over the past four weeks, Ethereum has seen a significant increase of more than 65 percent, reaching just above $3,900 during the early London session on Friday. This surge in price indicates that Ethereum aims to retest its all-time high (ATH) in the coming weeks, similar to Bitcoin.

Despite competition from other layer one (L1) projects like Solana (SOL) and BSC, the Ethereum network remains the leading benchmark for decentralized smart contracts in mainstream web3 projects. Currently, the Ethereum network boasts the largest supply of stablecoins and a total value locked (TVL) of approximately $55 billion.

On March 13, 2024, the Ethereum network is set to activate the Dencun upgrade on the mainnet. This upgrade will bring about several changes, with the most significant one being a reduction in transaction fees for Layer Two (L2).

The bullish outlook for the Ethereum network is fueled by speculation surrounding the potential approval of several spot Ether ETFs in the United States in the coming months.

A well-known crypto analyst, Captain Faibik, analyzed the ETH/BTC pair and revealed that a multi-year trendline is on the verge of being broken. If this breakout occurs, the analyst predicts a 25 percent increase in the second quarter. Additionally, the ETH price against the United States dollar is expected to rally towards its ATH, supported by anticipated rate cuts in the United States and European markets. Notably, the weekly Relative Strength Index (RSI) has closed above the 70 level for the first time since the end of the 2021 bull market.

Tags:
– Altcoins
– Ethereum
– Price Analysis