Price Analysis

Ethereum Price: Here’s Why ETH Is Bullish This Week

A successful retest of this level would pave the way for a much-desired rally to the record high.

Published by

Updated 24 Jun, 2025 | 06:41:03 AM UTC

Ethereum Price: Here’s Why ETH Is Bullish This Week

Highlights

Ethereum price surges on optimism for the upcoming Dencun upgrade on March 13.
Industry opinion leaders believe the SEC will approve spot ETH ETF.
Holding the important weekly support at $3,200 could help shape the uptrend to $3,600 in the short term.

Ethereum price is only 33% from its all-time high of $4,878 after rallying to a 22-month peak of $3,278. The second-largest crypto has continued to sustain a bullish outlook apart from the brief consolidation in early January.

Both technical and fundamental indicators point to a larger breakout, with ETH likely to start price discovery soon.

In the last 24 hours, ETH price has sustained a 3% increase in value, 11% in a week, 24% in a fortnight, and 44% in 30 days, underscoring positive investor sentiment.

Ethereum price chart | CoinGecko

Factors Igniting The Ethereum Price Rally

The Ethereum Dencun upgrade stands out as one of the forces backing the bullish picture in ETH price. This protocol upgrade, scheduled for March 13 promises key improvements not only for Ethereum but also for the vibrant layer 2 solutions like Arbitrum and Polygon, which will benefit from reduced transaction costs through a feature called proto-danksharding.

Dencun will also increase the blockchain block size from the current 12.5 MB to 25 MB to support more transactions per block for efficient network throughput.

A new transaction format will also be enabled with the implementation of the Dencun upgrade. This will simplify the validation process and, at the same time, improve the developer experience when building applications.

Recommended: 3 Layer 1 Crypto To Buy For March As Bitcoin Tops $57,000

After the successful implementation of the Dencun upgrade, the hype for a spot ETF will come in full swing. Ethereum price extended the rally after the approval of Bitcoin ETFs in January as investors turned their attention to the $390 billion token.

An Ethereum ETF will track the price of the crypto in real time, offering investors direct exposure to ETH without dealing with the complex nature of the crypto market like navigating exchanges and storage.

The approval of the ETF will signal the growing adoption of Ethereum as a legitimate asset class. Experts and industry opinion leaders have expressed their optimism for the potential greenlighting of the spot ETH ETF.

The CEO of Grayscale Investments, Michael Sonnenshein recently expressed his confidence in the Securities and Exchange Commission (SEC) approving the ETF.

Assessing ETH Price Technical Structure

The position of the Relative Strength Index (RSI) at 78 in the overbought area means that buyers hold the reins at the moment. Meanwhile, bulls would be looking for a weekly close above $3,200 or the black horizontal ray on the chart to steady the uptrend.

Ethereum price chart | Tradingview

With the ongoing consolidation above $3,200 support, re-accumulation is set to occur providing Ethereum price the momentum it requires to keep moving higher.

Although highly unlikely, corrections to or below $3,000 before the Dencun upgrade would trigger major buy-the-dips moves among investors who would be speculating on the next surge to $3,600 (important weekly resistance).

John Isige

John is a seasoned crypto expert, renowned for his in-depth analysis and accurate price predictions in the digital asset market. As the Price Prediction Editor for Market Content at CoinGape Media, he is dedicated to delivering valuable insights on price trends and market forecasts. With his extensive experience in the crypto sphere, John has honed his skills in understanding on-chain data analytics, Non-Fungible Tokens (NFTs), Decentralized Finance (DeFi), Centralized Finance (CeFi), and the dynamic metaverse landscape. Through his steadfast reporting, John keeps his audience informed and equipped to navigate the ever-changing crypto market.

Published by

John Isige

Updated 24 Jun, 2025 | 06:41:03 AM

Why trust CoinGape: CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights to our readers. Our journalists and analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.

Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.

Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.