Ethereum (ETH) has been making headlines as one of the top-performing cryptocurrencies in recent years. As the second-largest cryptocurrency by market cap, Ethereum has demonstrated strong growth potential and continues to be a popular choice for investors and traders
Moreover, the network has undergone notable changes in recent times. On September 15, 2022, the network transitioned from a proof-of-work mining model to a proof-of-stake model. This transition has led to a significant reduction in energy consumption, with reports indicating a 99.95% decrease.
Recently, the network underwent the Dencun upgrade aimed at enhancing functionality and performance. Surprisingly, post-upgrade, Ethereum (ETH) saw a decrease in value, dropping below the $4,000 threshold. So, What can we anticipate for Ethereum’s future performance?
How High Will Ethereum Rise In April 2024?
According to CoinGecko data, the Ethereum Coin has experienced notable growth, with a over 1% increase in the past 24 hours and is trading at $3,570. In addition, the ETH Coin has surged by 104% in the last year and continues to hold its position as the second-largest cryptocurrency by market capitalization.
As per our expert’s technical analysis for April 2024, the ETH Coin is expected to be trading at around $4,508.34 and the average price target of $4,083.02 by the end of April 2024. However, if there is any news surrounding the Ethereum ecosystem, the value of the ETH Coin can decrease to its minimum level of $3,827.83 for the April month.
Moreover, the recent surge in the ETH Coin’s price is mainly linked to the increasing anticipation of ETH exchange-traded fund (ETF) approval. This Bull rise comes as Bitcoin back above $70k, reigniting ETH’s rally in the cryptocurrency market.
In conclusion, Ethereum is expected to continue its growth in the coming months, with a potential breakout above $4,000 and beyond. The ongoing upgrades and developments within the Ethereum ecosystem are also contributing factors to this positive outlook.
However, as with any investment, there are always risks involved. It is important for investors and traders to do their own research and carefully consider all factors before making any decisions.
Also Read: Bitcoin (BTC) ETF Daily Inflows Surging Again Over $400 Million
Disclaimer: The information in this article should not be considered anything as financial advice, and the OvenAdd platform is intended only to provide educational and general information. Please consult with a financial advisor before making any investment decisions.