{"id":250862,"date":"2024-02-20T22:52:32","date_gmt":"2024-02-20T17:22:32","guid":{"rendered":"https:\/\/dripp.zone\/news\/ethereum-price-prediction-after-eth-tags-3k-dencun-upgrade-in-play-to-4k-crypto-news\/"},"modified":"2024-02-20T22:52:35","modified_gmt":"2024-02-20T17:22:35","slug":"ethereum-price-prediction-after-eth-tags-3k-dencun-upgrade-in-play-to-4k-crypto-news","status":"publish","type":"post","link":"https:\/\/dripp.zone\/news\/ethereum-price-prediction-after-eth-tags-3k-dencun-upgrade-in-play-to-4k-crypto-news\/","title":{"rendered":"Ethereum Price Prediction After ETH Tags $3k, Dencun Upgrade In Play To $4k? – Crypto News"},"content":{"rendered":"

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Ethereum\u2019s bullish outlook and strength against the largest cryptocurrency Bitcoin is a force likely to be reckoned with in Q1. Despite\u00a0Bitcoin price<\/span><\/a>\u00a0stalling above $52,000 and resistance at $52,800,\u00a0Ethereum price prediction<\/span><\/a>\u00a0shows the smart contracts token touching $3,000 for the first time since 2022.<\/p>\n

Ethereum\u2019s stellar performance is driven by multiple catalysts, such as the spot ETF hype, the Dencun upgrade, the Bitcoin halving, and Ethereum\u2019s deflationary nature after the Merge.<\/p>\n

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ETH\u2019s circulating supply is shrinking, as the transaction fee burn program gains traction. The switch from\u00a0proof-of-work<\/span><\/a>\u00a0to\u00a0proof-of-stake<\/span><\/a>\u00a0meant that some of the fees earned by validators are burned or taken out of circulation. This, along with the increase in staked Ether, is creating a supply and demand imbalance, which continues to boost the bullish trend.<\/p>\n

Ethereum Price Prediction: Is The Dencun Upgrade Pumping ETH?<\/h2>\n

Developers of the second-largest crypto network are working towards the launch of the\u00a0Dencun upgrade<\/span><\/a>. It will introduce\u00a0proto-danksharding<\/span><\/a>, a feature that will reduce transaction fees and data availability costs for layer-2 chains.<\/p>\n

Dencun will also implement several Ethereum Improvement Proposals (EIPs) to enhance the network\u2019s scalability, efficiency, and security. Anticipated to debut on the mainnet in March, Dencun is a fusion of the Cancun and Deneb upgrades, which will upgrade Ethereum\u2019s execution and consensus layers, respectively.<\/p>\n

Recommended:<\/b>\u00a0Crypto Market Insights For February 20th: BTC, HBAR, FIL<\/span><\/a><\/span><\/p>\n

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Many analysts and investors have started warming up to the idea of Ethereum gaining strength due to the Dencun upgrade. Micha\u00ebl van de Poppe, the founder of MN Trading Consultancy, argues that the rotation of funds from Bitcoin will also contribute to keeping ETH bullish, especially if BTC encounters \u201ca short-term peak.\u201d<\/p>\n

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Strength on #Ethereum<\/a> is likely going to come from the Dencun upgrade, or a short-term peak of Bitcoin. <\/p>\n

I’m suspecting both at the same time, and preferably you would want to see Ethereum reclaim 0.06. pic.twitter.com\/riVKSvCVAP<\/a><\/p>\n

\u2014 Micha\u00ebl van de Poppe (@CryptoMichNL) February 19, 2024<\/a><\/p>\n<\/blockquote>\n

Ethereum price, after closing above a key weekly resistance, relevant since March 2022, signals a stronger bullish outlook both in the short-term and long-term.<\/p>\n

The uptrend appears to have run into a blockade at $3,000, resulting in a minor retrace to collect liquidity. ETH traded at $2,920 during US business hours on Tuesday, supported by the 0.5 Fibonacci level.<\/p>\n