IMPORTANT POINTS:
- Beyond the bullish sentiment across the crypto market, Ethereum also boasts positive fundamentals.
- According to the machine learning and artificial intelligence algorithms of the PricePredictions platform, ETH will continue to rise above $4,000.
- Currently the largest altcoin was up 4% in the last 24 hours to almost $3,900.
There is no doubt that the current sentiment of the entire crypto market is bullish. The vast majority of tokens are in the green with huge gains and Ethereum is no exception.
As investors await further gains in Bitcoin, the question that arises is how much will ETH trade at by March 31, 2024, given the importance of the altcoin.
The artificial intelligence that powers the PricePredictions platform determined that the price of Ethereum by the end of the month will be around $4,005, indicating an extra gain of more than 4% from current levels.
The platform’s automatic algorithms are based on indicators such as the average true range, moving average convergence and divergence, relative strength index (RSI), and Bollinger bands.
At the time of writing this article, Ethereum has accumulated a gain of 4% in the last 24 hours to sit just below $3,900. Furthermore, the gain in 2024 is almost 65%, surpassing BTC (+57%).
On the other hand, all current technical indicators indicate a “strong buy” sentiment, according to information from the TradingView site.
The fundamentals of Ethereum
It is important to clarify that ETH has not only skyrocketed due to the bullish rally of the general market but also due to its positive fundamentals.
First of all, in a few months the SEC is expected to approve ETH spot ETFs, just like what happened with Bitcoin weeks ago. This will have the same effect that is happening today with the leading cryptocurrency: a resounding increase.
In parallel, there is the network update called Dencun on March 13. This is expected to further boost bullish sentiment, according to cryptocurrency expert Michaël van de Poppe.
