Ethereum Price Prediction: ETH Breaks 3K Again, Time Is Running Out to Buy This Skyrocketing ICO, Based on Dencun Upgrade and Ether ETF Optimism

Ethereum prices have risen nearly 2% over the past 24 hours, trading at $3,065 per coin as of 5:30 a.m. ET. Trading volume has increased by 10%.

There are two optimistic factors behind Ethereum’s breakthrough of the psychological barrier of $3,000.

First, since the Bitcoin spot exchange-traded fund (ETF) was approved in January, the market hopes that the Ethereum ETF will also be approved in May.

With over 31 million Ethereum locked up, FOMO (Fear of Missing Out) has reached new heights. If an Ethereum ETF is approved, the scarcity of supply could be amplified, driving Ethereum prices to new highs.

Another driver of the Ethereum market is the Dencun upgrade. The upgrade was activated on the Goerli test network on January 17, introducing multiple Ethereum Improvement Proposals (EIPs), including EIP-4844, which can reduce transaction fees in the second layer (L2) space. The Dencun upgrade completed the third phase of testing on the Holesky test network on February 7.

According to a recent announcement from blockchain research firm Nethermind, Ethereum’s Dencun upgrade is scheduled to launch on the mainnet at 13:55:35 UTC on March 13, 2024.

Ethereum price maintained a broadly bullish trend, with multiple headlines highlighting its outperformance of Bitcoin, as optimism over the Ethereum ETF and Dencun upgrade boosted the Ethereum market. The overall Ethereum market sentiment was clearly bullish.

Investors are increasingly focusing on Sponge V2 due to the anticipation of the Dencun upgrade and the prospect of an Ethereum ETF. The token is listed as one of the best penny cryptocurrency investments with potential for explosive growth.

Sponge V2 is the latest meme coin to be hailed as one of the best cryptocurrency ICOs of 2024. It is a continuation of the success of its predecessor, Sponge V1, which achieved 100x growth after its launch in 2023. Now, investors and analysts are expecting the new version to perform even better.

Sponge V2 introduces a unique token distribution method, namely staking for bridge, where users can get the new version by staking old tokens. The staking function has received huge support, with more than 8.636 billion tokens staked. Holders can get an annualized return of more than 187% on Ethereum and more than 815% on Polygon.

Users new to the Sponge V2 ecosystem can purchase tokens through the website using Ethereum, USDT, or credit card.

If the bears gain the upper hand, Ethereum price could decline and fall below the $3,000 milestone and enter the limiting range of the channel. If the $2,905 support level, which has been supporting the price since February 19, is breached, Ethereum price could fall further. A test of the channel’s middle line is likely, intersecting with the centerline of the Bollinger indicator and the long-term moving average at $2,985. In the worst case scenario, Ethereum price could fall further to the 50% Fibonacci retracement level at $2,615, which would invalidate the bullish assumption.

Meanwhile, investors are increasingly focusing on Sponge V2 in anticipation of the Dencun upgrade and Ethereum ETF prospects. The token is listed as one of the best penny cryptocurrency investments with potential for explosive growth.

Reference link: (link)