Bittime - Ethereum (ETH) is the second largest crypto asset after Bitcoin, showing a brilliant performance in early 2024. On March 5, ETH reached its highest point of the year at $3,822, marking an increase of 8% in the last 24 hours and 132% in 6 last month. This phenomenon begs the question: Will ETH break the $4,000 mark anytime soon?
Supporting Factors for the Rise of Ethereum (ETH)
In-depth analysis shows several key factors driving ETH's rise:
1. Reduction of Supply on Exchange
Data from Glassnode, an on-chain market intelligence company, shows ETH balances on exchanges reached 13.14 million ETH, the lowest in the last 20 months. This drop signals a reduced supply of Ethereum (ETH) available for trading, which directly contributes to the price increase.
Check Today's Crypto Market:
| ETH/IDR | SOL/IDR |
| BTC/IDR | ATOM/IDR |
| USDT/IDR | ARB/IDR |
2. Accumulation by Large Investors
Other Glassnode data shows a significant increase in the number of wallets holding ETH worth $100,000 or more, from 94,620 on January 1 to 141,406 on March 4. This shows great investor confidence in ETH and its future upside potential.
3. Ethereum (ETH) Staking Improvement
More than $31.58 million ETH, worth $119.8 billion, is now staked on Beacon Chain , Ethereum's proof-of-stake protocol. This increase in staking reduces the amount of ETH circulating in the market, driving the price up.
4. Ethereum (ETH) Futures Open Interest Increases
ETH futures open interest (OI), which reflects the demand for leverage in ETH trading, has surged nearly 50% in the past two weeks. This shows investors' optimism towards ETH and increases the possibility of a price increase.
Ethereum (ETH) Price Today on Bittime
Source: Bittime.com
On March 6, 2024, the price of Ethereum (ETH) was at IDR 60,238,402 per coin, an increase of 2.99% in 24 hours.
Also Read How to Buy Crypto:
Other Supporting Factors for the Rise of Ethereum (ETH).
In addition to the factors above, several other factors also support ETH's rise:
- Spot Ether ETF Approval: The approval of the Spot Ether ETF by regulators is predicted to increase institutional investment flows into ETH, driving the price up.
- Dencun Upgrade: The Dencun upgrade , scheduled for May 2024, will improve Ethereum's scalability and efficiency, attracting more users and developers.
- Increased DeFi Adoption: The use of ETH in Decentralized Finance ( DeFi) platforms is increasing, driving the demand and price of ETH.
Conclusion
The combination of strong fundamental factors and market optimism suggests that Ethereum (ETH) has a great chance of reaching $4,000 in the near future. Investors need to pay close attention to market developments and carry out fundamental and technical analysis before making investment decisions.
Check Crypto Prices Today:
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.
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) , 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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