Ethereum Price Prediction: ETH surged 18% in February on optimism about the Ethereum Dencun upgrade and ETH ETF, but analysts say this ICO could be the best cryptocurrency to buy right now.

Ethereum price pumping So far this month, it’s up more than 18%, trading at $2,926.70 as of 1:15 a.m. ET.

With the much-anticipated Dencun upgrade less than a month away, analysts believe ETH price could rise further in the short and medium term. This upgrade will make Ethereum faster and cheaper as it introduces “proto-danksharding” to the network.

Optimism surrounding the U.S. Securities and Exchange Commission, which approved the Ethereum ETF (exchange-traded fund) this year, is also increasing. The belief that an ETH ETF would be approved sooner was further strengthened when regulators approved 10 Bitcoin ETFs in January.

Ethereum price forms a bullish channel

ETH/USDT 4-hour chart (Source: TradingView)

that much Ethereum The price has formed a medium-term positive price channel on the charts over the past few days, printing a series of higher highs and higher lows during this period. This rising channel allowed ETH to overcome the $2,890 resistance level over the past 24 hours. If the bullish momentum continues, the altcoin may soon attempt to challenge the $3,140 barrier.

This bullish argument could be invalidated if the Ethereum price falls below the $2,890 price range within the next 24 hours. In this alternative scenario, the value of the altcoin leader could test the subsequent support level of $2,685 in the next few days. In an extremely bearish scenario, ETH could fall to $2,440 in the near term.

Buyers can drive Ethereum prices higher as bullish flags are triggered

Technical indicators on ETH’s 4-hour chart suggest that the Ethereum price may continue to rise over the next 24 hours. Both the relative strength index (RSI) and moving average convergence divergence (MACD) indicators are showing strength.

The RSI line recently crossed above the simple moving average (SMA) line. This important bullish technical flag is generally seen as a sign that buyers have gained an advantage over sellers. If this technical flag is validated, the bulls could continue their upward move. Ethereum Prices will likely be higher in the future.

The MACD line is also bullishly positioned above the MACD signal line. This could be a sign that ETH is currently in a positive short-term trend. However, investors will want to keep an eye on these two lines as the margin between them is narrowing. If these two technical indicators cross over the next 24 hours, it could signal that ETH’s bullish trend has undergone a bearish trend reversal.

While bulls and bears are competing on the ETH chart, investors are betting big. Bitcoin Minetrix And it provides a unique BTC cloud mining service.

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Until now, the Bitcoin cloud mining sector has been full of scammers. Mining operations by large institutions have increased initial costs and thereby raised the barriers to entry for new entrants to unreasonable levels. Bitcoin Minetrix aims to solve these problems through an innovative decentralized platform.

The project’s stake-to-mine model makes BTC cloud mining as simple as staking ERC-20 tokens. Bitcoin Minetrix’s high level of decentralization makes BTC cloud mining safer and fairer, opening up the opportunity for everyone to earn passive income paid in BTC.

Next 10X Opportunity

Experts predict that Bitcoin Minetrix’s native token, BTCMTX, could increase tenfold within a few months of launch. This optimistic outlook for altcoins can be attributed to BTC’s heavily skewed supply and demand ratios. The launch of the spot Bitcoin ETF in January led to a surge in demand for BTC as the cryptocurrency market leader entered mainstream financial markets, resulting in a notable rise in the price of BTC.

#Bitcoin Mine stocks soar @canaanio Leading the way with a 21% rise, predicting a positive and strong recovery #BTC Price dynamics. 📈@CleanSpark_Inc Breaking and surpassing annual highs @RiotPlatforms Based on market capitalization.

The resilience of the mining sector shines! 💰#BTCMTX also… pic.twitter.com/kCvNBzq4ZV

— Bitcoin Minetrix (@bitcoinminetrix) February 19, 2024

However, considering the halving event scheduled for April, the value of BTC may rise higher in the coming months. During this historic event, mining rewards will be cut in half. Not only will this make BTC more scarce, but it will also impact small-scale BTC mining operations.

As a result, in these small settings, you may have no choice but to look for other options. Small-scale miners may flock to Bitcoin Minetrix, which will have a significant positive impact on the price of BTCMTX. Additionally, a potential surge in the value of BTC may make more investors interested in Bitcoin Minetrix and passive income opportunities.

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