NewsletterEthereum (ETH) Price Braces For $5000 Rally With No Major Pullback On Horizon
Highlights
- Ethereum price can rally another 25% hitting its new all-time high.
- The Ethereum Dencun upgrade will be a major driver of the rally ahead.
- The meme coin frenzy on Ethereum will shoot the network fees to $200 million.
The world’s second-largest cryptocurrency by market cap, Ethereum (ETH) ,surged past $4,000 on Friday, March 8. However, the ETH crypto faced a minor pullback. At press time, the Ethereum price was trading at $3,933 with a market cap of $472 billion.
Ethereum (ETH) Price To See All-Time High Soon
CrediBULL crypto, a prominent crypto analyst, has weighed in on the current market dynamics, particularly focusing on Ethereum (ETH) following Bitcoin’s recent achievement of tagging its previous all-time high (ATH).
According to the analyst, there’s widespread anticipation within the crypto community that Ethereum is the next in line to surge, given Bitcoin’s ATH milestone. Those who have remained on the sidelines are reportedly eyeing a potential pullback to the $3600-$3700 range, a sentiment echoed by many participants in the market.
However, CrediBULL crypto suggests that such a pullback might not materialize immediately, as the demand for Ethereum remains strong. The analyst says he wouldn’t be surprised to witness Ethereum’s price surge by another 25% or more before any significant correction occurs.
On the other hand, Ethereum continues to outperform Bitcoin as we move ahead in 2024. Over the last week, Bitcoin (BTC) price gained by 10% while ETH added 15% gains in the same period.
Boosted by the imminent Dencun upgrade and a bullish atmosphere from Bitcoin’s profit recirculation, Ethereum, the second-largest cryptocurrency, is gaining momentum. Analysis of the ETH/BTC chart indicates that altcoins are nearing a breakout point.
All Eyes on Dencun Upgrade
In the next week, the Ethereum blockchain will undergo its much-awaited Dencun upgrade bringing significant improvements to the network. The upcoming Dencun upgrade scheduled for this month will reduce transaction costs on layer 2 networks, stimulating increased activity and potentially drawing mainstream consumer interest to Ethereum.
Another catalyst is the pending regulatory decision on spot Ethereum ETF applications, expected in May. Although the approval odds are less certain compared to spot Bitcoin ETFs, it still brings excitement to ether, according to the Bitwise analyst.
According to IntoTheBlock data, ETH mainnet’s revenue from network fees surged to $193 million this week, marking the highest level since May 2022 and reflecting a 78% rise from the previous week. This notable increase in on-chain activity was primarily fueled by heightened speculation involving meme coins.
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