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Ethereum Price Prediction – Ethereum Faces Critical Support at $3024.45 Amidst Downtrend

Ethereum is closely following Bitcoin at the moment. In the last 24 hours, Ethereum has gained by 2.64% and is still gaining upside momentum. As of 10:58 GMT+3, Ethereum was trading at $3301, with its market cap increasing by 2.56% to hit $396.80 billion.

EthDenver Main Event Starts Tomorrow  

Ethereum’s rising momentum comes as all eyes focus on the number two cryptocurrency ahead of the EthDenver, which starts tomorrow. EthDenver is a meetup of developers, the community, and investors to get into the Ethereum ecosystem. While the event kicked off on Feb 23rd, tomorrow, February 29th, marks the beginning of the main event. This will see more than 20,000 DAOs coming together to discuss Ethereum developments.

Through the main event, these DAOs will share ideas on how to drive the tech forward, and announce the latest developments within the Ethereum ecosystem. 

Investors are also expectant that during the main event, announcements will be made that touch on Ethereum core metrics. There are also expectations on news about various Ethereum tokens that could not only pump the tokens but also positively impact Ethereum’s value. 

Investor Interest In Ethereum Futures Surges

Overall, the amount of money flowing into Ethereum has increased as investors expect major news from the EthDenver event. This is quite evident in money inflows into Ethereum on major cryptocurrency exchanges now standing at $11.45 billion. On Binance, the largest cryptocurrency exchange by volumes, Ethereum contracts now stand at $3.8 billion. 

The market is also excited that after EthDenver, another big event for Ethereum is underway: the Dencun upgrade. Investors are keen that the upgrade could open up the Ethereum ecosystem by making it easier for investors to trade Ethereum tokens.

This is expected to happen by cutting the fees charged on Ethereum layer-2s. Investors are excited that this upgrade could have a similar effect to the upgrade in August 2021, which saw Ethereum rocket to its last all-time highs. With this upgrade and the possible approval of an Ethereum ETF, investors are bullish that $10k Ethereum could be in the cards, hence the strong buying. 

Ethereum Trading Firmly In A Bullish Channel With No Much Resistance Ahead

Ethereum Trading Firmly In A Bullish Channel With No Much Resistance Ahead

Ethereum is trading in a bullish channel with no match resistance ahead as it matches its all-time high of $4800. 

If the current momentum continues, driven by Ethereum-specific factors and Bitcoin, Ethereum could soon retest its all-time high of $4800. 

However, if buying volumes slow down, two scenarios could play out. One would be a consolidation between $3500 and $3300. Another upside breakout could follow this as buyers rush to take advantage of the price in anticipation of new highs. 

The other scenario is one where bears take control. In such a scenario, the key level to watch would be $3000, which is now a major support level for Ethereum in the short term. 

Ethereum Price Prediction – Why A Retest of All-Time Highs Is Coming Soon

While there is always the chance that Ethereum price could consolidate or even turn bearish, the odds are that bulls are likely to push Ethereum much higher and that the last all-time highs of $4800 are now in focus. The key drivers to this are both Ethereum-related and the broader market. 

Starting with the Ethereum-related factors, investors expect Ethereum to keep doing well due to the upcoming Dencun upgrade and a possible approval of Ethereum ETFs in May this year. 

The Dencun upgrade is expected to bring a new level of excitement to Ethereum tokens. This means more demand for Ether tokens and an increase in the price over time. As for the upcoming Ethereum ETF, investors and analysts believe it will soon be approved. This means there is an expectation of a flood of institutional money flowing into Ethereum, similar to what happened to Bitcoin after its ETFs were approved. 

All these factors point to Ethereum reaching its all-time high of $4800 soon and even making new highs above $10,000 once the entire market gets into FOMO mode after the Bitcoin halving.

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