Ethereum Ready to Hit the Market! ETH Price Prediction to Break $5,000?

Bittime - Ethereum (ETH) , the second largest crypto asset in the world, is showing impressive performance again. Reporting from Coinmarketcap on Thursday 7 March 2024 , ETH experienced an increase of 2.3% in the last 24 hours to approach $3,900 . 

This increase was triggered by several factors, one of which was a large increase in Ethereum's funding rate.

The funding rate is a fee paid by traders who use leverage to trade ETH.

When the funding rate is high, it shows that there are many traders betting on the ETH price rising.

This can lead to a strong rally, as traders who bet on the price falling (short) are forced to close their positions and buy ETH, further pushing the price up.

Several other factors contributed to ETH's rise

• Increased interest from institutional investors: More and more institutional investors are starting to invest in ETH, which is providing a significant boost to the price.
• Ethereum 2.0 Launch: The upcoming launch of Ethereum 2.0, which will improve the scalability and efficiency of the network, is also increasing investor optimism.
• Increased use of ETH in DeFi applications: The use of ETH in decentralized finance ( DeFi ) applications continues to increase, which is also driving the demand and price of ETH.

Analysts predict that ETH still has room to grow higher in the next few months. The factors mentioned above, along with others, could push ETH to reach new higher prices.

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How did ETH reach $5,000?

Some analysts predict that ETH could reach $5,000 in the next few months. Factors supporting this prediction include:

• Increased adoption of ETH: More people and businesses are starting to use ETH, which will increase demand and price.
• Ethereum 2.0 Launch: The launch of Ethereum 2.0 will make ETH more scalable and efficient, which makes it more attractive to investors and users.
• Increased use of ETH in DeFi: The use of ETH in DeFi applications continues to increase, which also drives the demand and price of ETH.

Also read: ETH IDR vs ETH USDT: Ethereum Trader's Dilemma

Dencun Upgrade (Dencun Upgrade)

According to a Coingape report, Ether will restart its bull run, targeting a significant milestone of $4,000. Even in the face of widespread profit-taking by investors.

The Dencun Upgrade is scheduled to launch on March 13, marking the start of the Ethereum Dencun upgrade, representing progress as an important milestone on the Ethereum mainnet .

This milestone has significance for the Layer 2 chain and rollup, signaling progress in Ethereum's technical infrastructure.

The Dencun upgrade itself introduces an innovative feature known as proto-danksharding. This innovation involves leveraging blobs, which reduces the load on the underlying blockchain infrastructure and reduces costs for Layer 2 chains and rollups that rely on the Ethereum network.

An integral part of the Dencun upgrade is EIP-4844, a critical Ethereum Improvement Proposal that facilitates this capability.

Also Read How to Buy Crypto:

Here are some of Ethereum's latest developments

• The Merge: Ethereum successfully completed the transition from Proof-of-Work (PoW) to Proof-of-Stake (PoS) in September 2022. This transition, known as The Merge, made Ethereum more environmentally friendly and energy efficient.
• EIP-4844: The EIP-4844 proposal, nicknamed "Proto-Danksharding", was activated on Ethereum mainnet in November 2023. EIP-4844 improves Ethereum's scalability by enabling data sharding.
• Shanghai Upgrade: The Shanghai Upgrade, scheduled for March 2024, will allow withdrawal of staked ETH. This will increase ETH's liquidity and make it more attractive to investors.

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Conclusion

Overall, the long-term outlook for ETH looks positive. Fundamental factors supporting ETH, such as increased adoption, the launch of Ethereum 2.0 and the Dencun Upgrade, will likely drive ETH prices higher in the next few years.

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.

Also read:

Ethereum History Story: How Ethereum Became Popular

What Are Ethereum Options?

What is Ethereum (ETH) 2.0 and how is it different from Ethereum

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.