ETH Price Still Crawling Upwards, New Peak Above $3,900 Becomes the Goal?

Bittime - The price of ETH (Ethereum) amidst the excitement of Bitcoin reaching a record high, doesn't want to be left behind. This well-known altcoin showed a strong recovery in March 2024, climbing its way to a new peak.

Weekly price chart analysis shows Ethereum, with a market cap of $455 billion, broke through the rounding bottom pattern and reclaimed the $3,800 zone. This indicates increasingly strong upward momentum, reinforced by a 49% surge in trading volume to reach $28 billion.

Bullish Momentum, ETH (Ethereum) Price Strengthens

Ethereum has posted a gain of 9% last week and 63% in the last 30 days. A bullish milestone has been reached, signaling a positive trend reversal. The key level for investors to watch is the 50% Fibonacci retracement level around $3,240. This level often serves as strong resistance, limiting further recovery rallies.

However, the latest technical pattern suggests that the current uptrend has the potential to continue, leading ETH to the 78.6% Fibonacci retracement level around $3,872. If this level is successfully penetrated, the opportunity for Ethereum to reach or even exceed its record high of $4,868 is increasingly wide open.

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ETH Price Targets: Between Optimism and Reality

Analysts predict the next upside target to be around $6,835, based on the 1.618 Fibonacci extension level. This will be the next crucial price milestone, assuming the current bullish momentum continues.

However, keep in mind that the market always moves dynamically. Price consolidation or correction before further increases is normal in the world of cryptocurrencies .

ETH Price (Ethereum)

Source: Bittime.com

On March 8, 2024, the price of ETH (Ethereum) was at IDR 61,655,966 per coin, an increase of 3.76% in 24 hours.

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Factors Affecting ETH Price

Various factors influence ETH price movements, including:

• Overall Market: The performance of the cryptocurrency market, especially Bitcoin, has a major influence on ETH. When Bitcoin rises, altcoins like ETH usually follow suit.
• Supply and Demand: The circulating supply of ETH is currently capped at 120 million coins, creating a digital scarcity that could push the price up if demand remains high.
• Adoption and Utility: The more applications and platforms that integrate with the Ethereum network, the higher the demand for ETH. The broader utility of the Ethereum blockchain could fuel long-term price increases.
• Regulation: Government regulations around the world can impact the price of cryptocurrencies, including ETH. Regulatory uncertainty can cause price volatility.
• Investor Sentiment: Investors' perception of Ethereum and its long-term prospects plays an important role in determining the price. Positive news and bullish sentiment can push prices up, while negative news and bearish sentiment can cause prices to fall.

ETH (Ethereum) Price Prediction: Expert Views

Financial experts and analysts give mixed predictions about the future price of ETH. Some are optimistic and predict Ethereum could reach $10,000 by the end of 2024, while others are more conservative with a projected price range of between $5,000 to $7,000. These predictions are based on various factors, including current market trends, adoption of blockchain technology, and government regulations.

Conclusion

The future of ETH price remains uncertain, but strong indicators point to the potential for significant growth in the future. With ever-increasing network utility, widespread adoption, and a strong investor base, Ethereum is well positioned to reach record highs.

However, it is important to remember that the cryptocurrency market is highly volatile, and prices can change quickly. Investors should do their own research and consider their risk tolerance before investing in Ethereum or any other cryptocurrency.

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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. 

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:

Bitcoin (BTC) Today: Price Skyrockets, Bitcoin Mining Stocks Drop?

How Does Tether (USDT) Influence Global Economic Development? Read the explanation

Ethereum (ETH) vs Solana (SOL): Price Comparison of ETH/IDR and SOL/IDR

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.