Thursday, April 18, 2024

Ethereum price hits new yearly high at $3,369 as staked Ether rises to 26%. Cryptured

On Wednesday, the price of Ethereum reached a new high of $3,369 for 2024. The anticipated mainnet activation of the Dencun upgrade and the recent surge in Bitcoin to $59,000 have probably sparked Ethereum’s price increases.

The Ethereum price reaches a new peak in 2024.
On Binance, the price of Ethereum increased to $3,369 on Wednesday. Due to the impending update and the recent gains made by Bitcoin, the altcoin has surged to a new yearly high. The price of bitcoin is slowly approaching its $60,000 goal, which is encouraging market participants. Based on statistics from Macroaxis, Ethereum and Bitcoin have a strong connection of 0.92.

The impending Dencun update for the altcoin is the other catalyst. After the altcoin’s merger, Ethereum underwent a significant upgrade that involved switching from proof-of-work to proof-of-stake. The official release from Ethereum developers states that on March 13, the Dencun upgrade will be available on the mainnet.

The Dencun upgrade is prepared for mainnet activation, having successfully completed the testing phase. As the price of ETH continues to rise, this occurrence has probably increased holders’ anticipation.

The occasion is anticipated to spark increases in Ethereum and raise the price of ETH. The price of Ethereum is probably going to rise in the upcoming weeks because 26% of the total supply is staked and out of circulation.

The price of Ethereum might rise to $4,000.
The price of Ethereum is rising, and the altcoin is heading towards its $4,000 target. The psychologically significant price level for Ethereum is $3,000. Amidst factors such as the recent surge in Bitcoin and the impending Dencun upgrade, the asset with the second highest market capitalization, by market capitalization, managed to hold above $3,000 and reach a new annual high.

The 23.6% Fibonacci retracement level of Ethereum’s surge to $3,361 serves as support for the price.

The Moving Average Convergence/Divergence (MACD) and Awesome Oscillator (AO), which show that the uptrend is still present, are supporting Ethereum’s gains.

A daily candlestick close below $3,000 could refute the optimistic Ethereum price hypothesis. The altcoin may find support at $2,911.41, the 38.2% Fibonacci retracement level, in the case of a drop.

Cryptured Team
Cryptured Team
The writers team at Cryptured.com is composed of passionate and experienced journalists who cover the latest developments in the crypto and blockchain space. They aim to provide accurate, unbiased and easy-to-understand news and information for their readers, as well as insights and analysis from industry experts. The writers team is always on the lookout for new and exciting stories that can help the general public learn more about the potential and challenges of these technologies.
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