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As the market awaits employment data from the United States later today, Ethereum (ETH), the second largest crypto asset, suggests further growth in the near term. Up more than 65 percent in the past four weeks to trade slightly above $3,900 on Friday during the early London session, Ethereum price aims to retest its all-time high (ATH) similar to Bitcoin in the coming weeks.
Ethereum’s Fundamental Positions and Market Check
Ethereum network remains the undisputed benchmark for decentralized smart contracts for mainstream web3 projects despite the notable competition from other layer one (L1) projects like Solana (SOL), and BSC. As of this writing, the Ethereum network had the largest stablecoins supply and a total value locked (TVL) of about $55 billion.
The Ethereum network is preparing to activate the Dencun upgrade on the mainnet on March 13, 2024. The Dencun upgrade will entail several changes, but the most notable one will lower the transaction fees for Layer Two (L2).
Meanwhile, the Ethereum network has enjoyed a bullish outlook due to the heightened speculation on the possible approval of several spot Ether ETFs in the United States in the coming months.
Analyst Take on ETH Price Action
According to an analysis of the ETH/BTC pair by a famous crypto analyst alias Captain Faibik on the X platform, a multi-year trendline is on the verge of being broken. The crypto analyst predicts a 25 percent upsurge in the second quarter if the ETH/BTC pair breaks.
In this regard, ETH price against the United States dollar will rally towards the ATH soon amid the anticipated rate cuts in the United States and European markets. Furthermore, the weekly Relative Strength Index (RSI) has closed above the 70 level for the past few weeks for the first time since the end of the 2021 bull market.
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