Ezra Icy
Ethereum has performed exceptionally well in the last few days and is trading at $3,479.70 after crossing the $3500 mark a few hours ago. Ethereum gained a significant hike this month after strangling below $3000 for months.
One question that comes to mind is whether Ethereum will be able to hit $4k or it won’t. Let’s discuss that in this blog.
Ethereum is the second biggest cryptocurrency in the crypto market after Bitcoin, with a market cap of $418,718,997,656. Its price has surged more than 55% this month, and the effect of that is visible in ETH trading volume as well. It has surged by 72% from yesterday and currently is at $36,156,441,428.
Earlier, multiple analysts and top crypto traders predicted Ethereum to reach the $3K mark, which has been accomplished already. The next target for Ethereum is to get to $4k in March. Two factors state that there’s a high chance of Ethereum reaching this new target.
Bullish Market Conditions
Ethereum Price is only 28% away from its all-time-high value of $4,891.70 on 16 November 2021. Being closer to the ATH, the expectation for it to cross that is rising with time.
According to the fear & greed index, the crypto market is in extreme greed, resulting in the incredible price growth of multiple cryptocurrencies.
Another factor is that Bitcoin has recently crossed over the $64,000 value and is closer to the ATH of $69,000. It is impacting the price of other altcoins, including Ethereum. Bitcoin has surged from the $50,000 mark to above $65,000 in just a few days, and Ethereum is on the way to follow a similar trend.
Upcoming Developments
After the success of Bitcoin ETF, Ethereum ETF is also in the discussion and is on hold for SEC approval. Bitcoin ETF has an influx of around $2 Billion a week, representing the popularity and increased market activity in the spot ETF.
Blackrock, one of the leading investment firms, has applied for Spot ETF, which shows a high chance of getting approved. It is known for its track record of getting all the spot ETF approvals except one. It is building hype among the community, and the prices are rising.
The technical analysis doesn’t show any unpretentious resistance to Ethereum. Instead, the market is bullish for this coin. If the crypto market kept playing the same cards, the chances of Ethereum reaching $4000 is high. In contrast, it might fall back to $2600-$2800 if the trend changed and the bear zone took over Ethereum.
Conclusion
Ethereum is closer to hitting $4000 after a week’s hike of 17% and has crossed the $3500 previously today. This pattern is similar to the 2021 hike when it reached an all-time value of $4891.70. If the market stays bullish, there are chances that Ethereum might hit $4000 by March end and cross over to the ATH. On the contrary, a dip will happen, bringing it down to below $3000 again. Read more about why is the crypto market rallying today.
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The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
