Ethereum Price Consolidates After Weakening ETF Crypto Hype

The Ethereum price broke out of consolidation today and rose above $4,000, after the Bitcoin price rose above $71,000 this morning. ETH also tried to break through $4,000 last Friday, but without success.

In this article we look at how much ETH can become worth with a limited ETF crypto hype and the upcoming Dencun upgrade for Ethereum.

Ethereum Price Breaks Through $4k – Will Ethereum Rise To New ATH?

This morning started with Bitcoin breaking through both $70,000 and $71,000 and now on track to break through $72,000. This move caused the Ethereum price to jump from $3,840 to above $4,000 this morning.

Now that the bull market appears to be in full swing, the Ethereum price is in a clear uptrend, which could become even stronger in the near future. The altcoin is above its 30-day and 200-day moving averages, with an overbought Relative Strength index (RSI) of 85, which is quite normal during a crypto rally.

Although the RSI indicates that Ethereum is overvalued, this is a nuanced signal given that we are in the bull market. We see that the positive sentiment of investors is stronger than the ‘overbought’ signal of the RSI.

Ethereum could skyrocket even further this week thanks to the upcoming Dencun network upgrade, scheduled for Wednesday, March 13. With this upgrade, transaction costs on the Ethereum blockchain should be greatly reduced, making the experience much better for both users and developers.

Only 2 days left until the Dencun upgrade hits!

Get ready to dive into the world of Ethereum’s Dencun and its impact on L2 chains.

Brace yourself for a game-changer 💸#DencunUpgrade #Ethereum #CoinSavi #CoinSaviETHDencun #CoinSaviSavvyUpYourTrading🚀

— CoinSavi (@CoinSavi) March 11, 2024

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Meanwhile, the ETF crypto hype is waning, as is crypto investor confidence after approval of the spot Ethereum ETF by the Securities and Exchange Commission (SEC) in May.

However, this hype could increase again after the Bitcoin halving is over and Ethereum gains even more users. Meanwhile, Ethereum may benefit from the network upgrade and the rising Bitcoin price, which is largely due to the performance of the spot Bitcoin ETF.

The Ethereum price could set a new All-Time High this week, depending on further developments within the crypto market and the results of the Dencun upgrade.

Green Bitcoin (GBTC)

While Bitcoin and Ethereum are rising rapidly, alternatives to Bitcoin are also starting to grow significantly in popularity. For example, Bitcoin Cash (BCH) is up more than 1% today and Litecoin (LTC) is up more than +7%. But the new Green Bitcoin (GBTC) is also raising a lot of money from investors.

Green Bitcoin is an ERC-20 token on the Ethereum blockchain that uses a Proof-of-Stake mechanism to reward holders. This makes the altcoin a greener alternative to Bitcoin, which rewards miners with an energy-intensive Proof-of-Work model. In addition, GBTC uses an alternative staking model that allows you to earn additional rewards by predicting the Bitcoin price.

For a limited time, GBTC is on presale for $0.8022 each, but this price is rapidly increasing as the project has already raised over $3.16 million and is growing in popularity. The token will soon be launched on exchanges for a fixed price and could skyrocket thanks to the current Bitcoin price.

Bitcoin Minetrix (BTCMTX)

Bitcoin Minetrix (BTCMTX) is another alternative to bitcoin that is capitalizing on the Bitcoin halving expected next month. Block rewards will be halved, giving you the opportunity to get higher block rewards before the halving with BTCMTX. The best part is that you can mine via the cloud with this project.

BTCMTX is the token used for the stake-to-mine mechanism. By staking the token, you earn extra tokens and mining credits as a reward, with these mining credits you can mine BTC via the cloud. The process runs through a user-friendly dashboard so that mining will become accessible to everyone.

Seamless Mining Journey! 🛠️#BitcoinMinetrix strives for calm and organized mining configurations.

No difficult setups, no interruptions, no overheating – just effortless and simple $BTC cloud mining! 🌐 pic.twitter.com/EFsDVo9zLI

— Bitcoinminetrix (@bitcoinminetrix) March 11, 2024

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Bitcoin Minetrix has already raised over $12.1 million in its presale and may soon reach its hard cap of $15 million, after which the token will go live on exchanges. You can buy the token for $0.014 each before the price rises further in the next phase.

Disclaimer: This article contains insights from independent authors and is not part of BitcoinMagazine.nl’s editorial content. This is not investment advice, please do your own research.