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Ether (ETH), often also called by its blockchain name Ethereum, surged this week above $3,000 and it is important to say that the current optimism boosted the appetite for Ethereum among whales, smaller investors, and institutions. The recent surge in Ethereum accumulation has become a focal point, with 1.38 million addresses collectively investing $3.9 billion in Ethereum.

On February 23, 2024, data from Intotheblock, an on-chain analytics firm, revealed that both whales and smaller investors acquired more than 1.3 million Ethereum, averaging a price of $2,984. This activity coincides with growing anticipation surrounding the potential approval of a spot Ethereum ETF.

So where is the price of Ether (ETH) going next, and what can we expect from March 2024?

Today, Crypto Lists will discuss Ethereum’s price estimates from a technical and fundamental analysis perspective. Please note that there are also many other factors to consider when entering a position, such as your time horizon, willingness to risk, and how much margin you have if trading with leverage.

Excitement of a spot ETF and the upcoming Dencun upgrade

Ethereum (ETH), the second biggest digital asset, surpassed this week the $3,000 mark for the first time since April 2022. The data indicates that this uptick coincides with heightened activity on the Ether network but it is also important to mention that Ethereum whales are making significant maneuvers amidst the anticipation of multiple upcoming key events.

Ether’s current price action is a compound effect mainly driven by the excitement around a potential spot ETF and the upcoming Dencun upgrade which will make the network better by improving scalability and lowering gas fees, creating more value for Ethereum. Dencun mainnet activation is scheduled for March 13 but before this date, all node operators should upgrade their clients and MEV protection software.

The crypto community is eagerly awaiting the possible approval of an Ethereum exchange-traded fund (ETF) by the US Securities and Exchange Commission (SEC). The price of Ethereum (ETH) has increased significantly during the past two weeks and any positive news that is connected with potential approval of a spot Ethereum ETF could lift even more the price of this cryptocurrency.

Kevin de Patoul, the CEO of digital asset market maker Keyrock, told Cointelegraph in an exclusive interview on Feb. 23 that while the approval of spot Ether exchange-traded funds (ETFs) is yet to be decided, it’s far from being a “done deal.” Kevin de Patoul said:

“I do think there’s a high likelihood of Ether ETFs being accepted. The chances are definitely higher than 50%. I do think, however, that it’s not a done deal, either.”

Kevin de Patoul anticipates encountering additional obstacles in the approval process for the Ether ETF, akin to the challenges faced in getting the initial spot Bitcoin ETFs approved in the United States. A significant concern revolves around the possibility of Securities and Exchange Commission (SEC) Chairman Gary Gensler categorizing Ether as a security.

In past congressional hearings, Gensler has refrained from stating whether he perceives Ether as a security risk, despite former SEC Division Director William Hinman dismissing the notion in a 2018 speech. According to de Patoul, Ether doesn’t constitute a security, but the introduction of staking yield after last year’s merge transitioned Ethereum to a proof-of-stake consensus model, which could make it look more like a security offering from the SEC’s perspective.

Rating: 9.5/10
Supply: 118,780,000 / 200,000,000
Release date: August 1, 2014

Description: Discover Ether and be part of the cryptocurrency revolution.

Risk warning: Trading, buying or selling crypto currencies is extremely risky and not for everyone. Do not risk money that you could not afford to loose.


Analysts positive that ETFs could be approved by May

Management firm Bernstein has recently reported that ETH could potentially be the sole cryptocurrency to secure an ETF approval this year and according to Bernstein, there is a 50% likelihood of Ether ETFs being approved by May 2024. JPMorgan, the investment banking giant, predicts a 50% likelihood of an Ether ETF being approved by May, while Eric Balchunas, Bloomberg’s senior ETF analyst, forecasts a 70% chance of approval.

Despite this, some market analysts suggest that while Ether spot-exchange traded funds (ETFs) could boost institutional investment and strengthen the world’s most utilized blockchain, they are unlikely to result in euphoric price surges. Since last Friday, Franklin Templeton, BlackRock, Fidelity, Ark and 21Shares, Grayscale, VanEck, Invesco and Galaxy, and Hashdex have all submitted applications for an Ether ETF.

It is important to mention that as of February 23, 2024, information from Intotheblock, an on-chain analytics firm, indicates that both whales and smaller holders have purchased over 1.3 million Ethereum units, with an average price of $2,984. This surge aligns with increasing excitement regarding the possible approval of a spot Ethereum ETF.

Nevertheless, Ethereum experienced a slight decrease over the past 24 hours following a rise of over 35% in the last 30 days. This recent downturn may exert psychological pressure to sell as Ethereum nears its important price level which stands at $2,900.

Technical analysis for Ethereum (ETH)

Ethereum (ETH) has advanced from $2,169 to $3,035 since January 25, 2024, and the current price stands at $2.946. Despite the minor correction, traders should keep in mind that as long the price of ETH is above the trend line which I marked on the chart below, there is no risk of a bigger sell-off and this crypto remains in a “BUY” zone.

Technical analysis for Ethereum (ETH)

Important support & resistance levels for Ethereum (ETH)

Important support & resistance levels for Ethereum (ETH)

On this chart (the period from June 2023), I marked important support and resistance levels that can help traders understand where the price could move. ETH is currently trading below its recent highs, but if the price jumps above $3,100, the next target could be resistance at $3,200. The important support level is $2,800 and if the price breaks this level, it would be a “SELL” signal, and we have the open way to $2,700. If the price drops below $2,600, which represents another important support level, the next target could be $2,500 or even below.

What speaks for the rise in the Ethereum (ETH) price

Growing speculations around the Ether ETF approval in the U.S. are certainly positive news for Ethereum, and according to many crypto analysts, the approval may not be far off. Since last Friday, Franklin Templeton, BlackRock, Fidelity, Ark and 21Shares, Grayscale, VanEck, Invesco and Galaxy, and Hashdex have all submitted applications for an Ether ETF and should some of these approvals materialize, the price of ETH will likely experience further increases. For the bulls to remain the control of price movement, a move above $3,100 would be beneficial.

What indicates a downfall for Ethereum (ETH)

The SEC approval for the Ether ETF in the U.S. would certainly positively influence the price of Ethereum, but investors should also keep in mind that regulatory concerns surrounding the cryptocurrency market can also have a spillover effect, dampening investor sentiment and leading to a broader market correction. The highly volatile nature of the cryptocurrencies may scare investors again to sell ETH if some negative news happens in the cryptocurrency market – like BlackRock didn’t get the SEC approval or a prominent crypto firm going bankrupt. ETH has an important support level at $2,800, and a break below this level would indicate that ETH could probably test the support level that stands at $2,600.

What do analysts and experts say?

Ethereum (ETH), the second biggest digital asset, surpassed this week the $3,000 mark for the first time since April 2022. The current movement in Ether’s price is primarily influenced by two factors: the anticipation surrounding a potential spot ETF and the forthcoming Dencun upgrade which is expected to enhance the network by improving scalability and reducing gas fees, thereby increasing the value proposition of Ethereum.

Analysts are mainly positive that Ether ETFs could be approved by May 2024 but they also say that while Ether spot-exchange traded funds (ETFs) could boost institutional investment and strengthen the world’s most-utilized blockchain, they are unlikely to result in euphoric price surges. JPMorgan, the investment banking giant, predicts a 50% likelihood of an Ether ETF being approved by May, while Eric Balchunas, Bloomberg’s senior ETF analyst, forecasts a 70% chance of approval.

Ethereum (ETH) whales increased their activity over the past several days, which demonstrates renewed interest and confidence in ETH, but investors should keep in mind that cryptocurrency markets are notoriously volatile, and while positive developments can trigger substantial price increases, they also carry potential risks.

In the upcoming weeks, the price of ETH will continue to be notably impacted by the actions taken by the U.S. Securities and Exchange Commission (SEC), as well as concerns about a potential economic downturn, increasing tensions in the Middle East, and the proactive monetary strategies of leading central banks.

Disclaimer: Crypto is extremely volatile and not suitable for everyone to invest in. Never speculate with money that you cannot afford to lose. The information on this site is presented for educational purposes only and should not be construed as investment or financial advice.

by Our Certified Author
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