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Bittime - Ethereum (ETH) pricesare surging driven by optimism over the network's upcoming upgrade, Dencun, scheduled for March 13. This price increase was also supported by positive sentiment from investors and analysts who saw great potential in Ethereum.
In the last 24 hours, the price of ETH has increased by 3%, 11% in a week, 24% in two weeks, and 44% in 30 days, indicating strong investor confidence in Ethereum. Currently, the price of ETH is only 33% away from its all-time high of $4,878.
Factors that Trigger Ethereum (ETH) Price Increases
Dencun Upgrade: The Dencun network upgrade scheduled for March 13 is one of the main factors driving the increase in ETH prices. This upgrade promises significant improvements not only for Ethereum, but also for Layer 2 solutions such as Arbitrum and Polygon. Dencun will reduce transaction fees through a feature called “proto-danksharding”.
Increased Transaction Capacity
Dencun will increase the blockchain block size from 12.5 MB to 25 MB, so the network can process more transactions per block and improve overall efficiency.
New Transaction Format
Dencun will also introduce a new transaction format that will simplify the validation process and improve the developer experience in building applications on the Ethereum network.
Spot ETF Approval Expectations
After the successful implementation of Dencun, expectations of ETH-only Exchange Traded Fund (ETF) approval are expected to grow stronger. The rise in ETH prices followed the approval of a Bitcoin ETF in January, and investors are now turning their attention to the $390 billion crypto asset.
Ethereum (ETH) Price Today
Source: Bittime.com
On February 28, 2024, the price of Ethereum (ETH) was at IDR 51,804,038 per coin, up 2.41% in 24 hours, 11% in the last week and 20% in the last month. This increase was driven by several factors, including:
- US purchases on Coinbase: CryptoQuant data shows a significant increase in demand for ETH from Coinbase, a regulated exchange in the US.
- Ethereum ETF Anticipation: Several large investment firms have applied to launch spot Ethereum ETFs in the US, which could attract more institutional investors.
- Increased on-chain activity: Ethereum's on-chain activity, such as the number of transactions and active addresses, has increased significantly in recent months, indicating growing usage of the Ethereum network.
Ethereum (ETH) Price Movement Analysis
Some of the main factors driving the increase in ETH prices include:
Dencun Upgrade
This protocol upgrade scheduled for March 13 promises significant improvements not only for Ethereum, but also for Layer 2 solutions such as Arbitrum and Polygon. Dencun will reduce transaction fees through a “proto-danksharding” feature and increase the blockchain block size from 12.5 MB to 25 MB to support more transactions per block.
ETH ETF Hopes
After the approval of the Bitcoin ETF last January, investors began turning their attention to this $390 billion token. An ETH ETF will track crypto prices in real-time, offering investors direct exposure without having to deal with the complexities of the crypto market. The ETF's approval would signal the wider adoption of Ethereum as a legitimate asset class.
Technical Structure
The Relative Strength Index (RSI) is currently at 78, indicating that buyers are in control. A weekly close above $3,200 would further strengthen the uptrend. Consolidation above the current $3,200 support level signals re-accumulation that could push ETH prices higher.
While a correction to or below $3,000 before Dencun's upgrade is possible, it could instead trigger buying from investors speculating on a subsequent price rise to $3,600 (an important weekly resistance level).
Overall, Ethereum's prospects look bright. Dencun's upgrade, ETF expectations, and a supportive technical structure have all contributed to the strong bullish sentiment in the market. Investors interested in Ethereum need to continuously monitor the latest developments and conduct thorough fundamental and technical analysis before making an investment decision.
Long Term Growth Potential
The ETF's approval would signal the wider adoption of Ethereum as a legitimate asset class. Experts and opinion leaders in the crypto industry have expressed their optimism towards the potential approval of a spot ETH ETF. Grayscale Investments CEO, Michael Sonnenshein, recently expressed confidence that the United States Securities and Exchange Commission (SEC) will approve the ETF.
Technical analysis shows that the upward momentum in ETH prices is still strong, indicated by the Relative Strength Index (RSI) position in the overbought area (78). Investors are currently watching ETH price move to break the weekly resistance level at $3,200 to strengthen the uptrend. Price consolidation above the current $3,200 support level opens up re-accumulation opportunities that could push ETH prices even higher. A price correction to $3,000 or lower before Dencun's upgrade, while unlikely, could trigger a "buy the dip" action from investors speculating on a further price rise to the weekly resistance level at $3,600.
With various supporting factors and upcoming network upgrades, Ethereum (ETH) is expected to have huge growth potential in the future. However, as with any investment, it is important to always conduct in-depth research and analysis before making an investment decision.
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How to Buy Ethereum (ETH) on 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.
Bitcoin (BTC) 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) , Ethereum (ETH) , Solana (SOL) and other cryptos to find out today's crypto market trends in real-time on Bittime.
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DISCLAIMER: This article is informational in nature and is not an offer or solicitation 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.
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