- On Friday, Ethereum climbed to $4,000 but was unable to sustain the price and is now trading at approximately $3,900.
- The price of Bitcoin skyrocketed above its ATH, setting a new all-time high above $70,000.
- Analysts anticipate that the Ethereum price will surpass $10,000 due to the introduction of Ethereum spot ETF and the upcoming Dencun Upgrade.
Ethereum, the second-largest cryptocurrency in terms of market value, has demonstrated impressive performance in recent months. Notably, its price surpassed the $4,000 mark on Friday at 9.30 pm EST, following Bitcoin’s surge to $70,000. This surge resulted in a significant increase in the cryptocurrency market cap, reaching a new high of $2.61 trillion on Friday. However, shortly after, the ETH price faced strong resistance and subsequently declined to $3,900, where it currently resides.
Analysts believe that the approval of ETFs and the Dencun upgrade could potentially drive Ether’s value to $10,000 by the end of 2024. The Ether market shows promise, and if it manages to close above $4,000, it could indicate the potential for ETH to surpass its all-time high in the coming days.
Although Ethereum has not yet hit its all-time high, the current bullish momentum suggests a further price increase towards $4,200 which would be the next resistance level. On the other hand, failure to break through the $4,000 resistance zone may lead to a retest at $3,500.
Dencun Upgrade goes live on March 13
According to CoinGeko the Ethereum ATH currently stands at $4,878, with the asset only a few hundred dollars away from surpassing its ATH. Furthermore, the Dencun Upgrade is scheduled to go live on March 13, enhancing scalability and lowering transaction costs. Moreover, the upcoming ETF launch is expected to drive the asset beyond its all-time high. The Ether spot ETF approval is anticipated to be granted by May 23rd.
Bitcoin reached a new milestone by surpassing $70k for the first time on Friday EST time. It hit an all-time high of $70,170 before facing rejection and is now fluctuating between $68,000 and $69,000. As of now, Ethereum is priced at $3,928, showing a 0.46% increase in the past 24 hours. Meanwhile, Bitcoin is trading at $68,406, marking a 1.88% rise in the last day.