Check Today's Crypto Market:
Bittime - Ethereum, one of the world's leading cryptocurrencies, has recently recorded an astonishing significant surge. The price rose by 38.5% in the past month, surpassing the $3,200 mark. Factors such as open futures positions exceeding $10 billion, as well as optimistic market sentiment, suggest the possibility of a new top that could even surpass the $4,000 mark. However, what is really going on behind this phenomenal price spike?
Also Read Verge (XVG) Price Soars 60%! What caused it?
What is Ethereum (ETH)?
Ethereum (ETH) is a decentralized blockchain platform that allows developers to build and run decentralized applications (dApps) and smart contracts. Launched in 2015 by Vitalik Buterin, Ethereum expands on the blockchain concept introduced by Bitcoin by offering the ability to perform Turing complete programming.
This means that Ethereum not only functions as a digital asset, but also as an infrastructure for running decentralized applications in various fields, such as finance, gaming, supply chains, and much more.
Ether (ETH) is a native cryptocurrency used in the Ethereum network as a means of payment for transaction fees and to incentivize Ethereum holders to run nodes and store data on the blockchain.
Ethereum has become one of the largest and most influential blockchain platforms in the world, with numerous projects and applications built on top of it.
Ethereum Sets New Price Record
The price of Ethereum (ETH) has surged by 38.5% in the past month, reaching levels above $3,100 for the first time since April 2022. Moreover, this may just be the start of a bigger bull run. March brought good news, while it is expected that May will bring news regarding spot Ether ETFs. These two major developments have the potential to increase investor interest in the coming days and weeks.
Also Read How To Buy Crypto:
On the other hand, Ethereum is on the verge of reaching its all-time high price (ATH). The number of open positions in futures has surpassed $10 billion, and it would take just a 10% increase to surpass the November 2021 peak. That peak resulted in a 55% price correction, and some investors fear history will repeat itself.
Also Read What Is All-Time High (ATH)?
However, the current environment is very different from November 2021, as the trend is bullish, not bearish. Moreover, the excitement generated by the spot ETH ETF and other news suggests that an even higher peak may be reached.
Current Ethereum Price
According to market source Bittime, at the time of writing this article (28/02/2024) the price of Ethereum is at $3,259.82 and has also experienced an increase of +1.12% in the last 24 hours
Will Ethereum Price Continue to Increase?
JPMorgan analysis estimates the likelihood of ETF approval at 50%. CEOs like Kevin de Patoul of Keyrock argue that the transition to Proof of Stake (PoS) has been a major hurdle in the approval stage, as mentioned previously. They didn't foresee this, of course; SEC's request for public comment and experts also addresses potential risks associated with the PoS transition.
Check Today's Crypto Market:
EigenLayer Project
Projects in the Ethereum ecosystem, such as EigenLayer, which raised $100 million led by Andreessen Horowitz (a16z), support the possibility of price increases independent of expectations of ETF approval. Many funds financially support relatively new ventures in the Ethereum ecosystem.
Looking at the derivatives data, we see that spot prices have reached a 14-month high with balanced entries, without abnormal demand. This suggests that a new top, possibly reaching the short-term target of $4,000, is not impossible, supported by news flow.
How to Buy Ethereum (ETH) by Bittime
You can buy and sell Ethereum (ETH) in an easy and safe way via Bittime . Bittime is one of the best crypto applications in Indonesia which is officially registered with Bappebti.
Ethereum (ETH) is available on Bittime with the market pair ETH/IDR . To be able to buy ETH IDR at Bittime, make sure you have registered and completed identity verification. Apart from that, also make sure that you have sufficient balance by depositing some funds into your wallet. For your information, the minimum purchase of assets on Bittime is IDR 10,000. After that, you can purchase crypto assets in the application.
Learn the complete guide on how to buy Ethereum (ETH) on Bittime .
Monitor price chart movements for Ethereum (ETH), Bitcoin (BTC) , Ethereum (ETH) , Solana (SOL) and other cryptos to find out today's crypto market trends in real-time on Bittime.
Read Also
ETH IDR vs ETH USDT: Dilema Trader Ethereum
What is Lido Staked ETH (stETH)? Changing the Way of Staking ETH
What is Rocket Pool ETH (RETH)? Paving the Way to Decentralized ETH Staking
DISCLAIMER: This article is informational in nature and is not an offer or invitation to sell or buy any crypto assets. Trading crypto assets is a high-risk activity. Crypto asset prices are volatile, where prices can change significantly from time to time and Bittime is not responsible for changes in fluctuations in crypto asset exchange rates.
significant from time to time and Bittime is not responsible for changes in fluctuations in crypto asset exchange rates.
Comments
0 comments
Please sign in to leave a comment.