While Bitcoin (BTC) has been taking the bulk of the attention in the ongoing crypto market rally, Ethereum (ETH) has been far from idle.
Not only has it seen a major price increase through the previous months that has taken ETH to highs not seen since late 2021, but the development team has continued actively rolling out upgrades.
The most recent of these, the Dencun upgrade, went live on Wednesday, March 13, and is primarily aimed at bolstering the efficiency of the blockchain’s mechanisms for storing information with the ultimate goal of drastically reducing gas fees.
Can ETH hit $5k after the Dencun upgrade?
While the Dencun upgrade has been highly anticipated, it is only the latest in the string of developments expected to help propel Ethereum to $5,000.
The world’s second cryptocurrency is well-positioned to soon test a new all-time high both due to the technical improvement and the pending spot Ethereum exchange-traded fund (ETF) decision – with the chances of approval bolstered by the approval of spot BTC ETFs in January 2024 – according to Michaël van de Poppe, a prominent crypto trader and analyst.
The next in line for a potential all-time high test is #Ethereum.
Why?
– Dencun upgrade.
– Potential Spot ETH ETF approval.Crucial resistance is approaching, but the $BTC pair has barely moved.
We’ll likely see more strength coming from this asset. pic.twitter.com/LyWh8ht9ow
— Michaël van de Poppe (@CryptoMichNL) March 6, 2024
Still, despite resistance on ETH’s path toward $5,000 rapidly thinning, it will face a challenge in overcoming the area between $4,522 and $4,646 in which 600,000 addresses hold more than $1.6 million Ethereum, per the information shared by another crypto expert, Ali Martinez, on X.
#Ethereum path to $5,000 looks increasingly clear, as resistance thins. The key hurdle? A supply zone at $4,522-$4,646, where 600,000 addresses hold 1.63 million $ETH. It’s not a matter of if, but when! pic.twitter.com/LMvw3kjrEW
— Ali (@ali_charts) March 11, 2024
Ethereum price chart
While it remains to be seen whether Ethereum will soon reach $5,000, ETH has certainly been one of the major beneficiaries of the ongoing crypto market rally. In the last 52 weeks, Ether rose 136.93%, and it surged 73.92% since the start of 2024.
Ethereum’s more recent performance has also been positive and ETH is up 50.85% in the last 30 days, and the latest 24 hours of trading saw it, despite a massive whipsaw, stay in the green by 0.10%, and land at the press time price of $4,004.05.
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