Ethereum (ETH) has soared beyond $3,129, a level not witnessed since April 2022.
Ethereum’s surge aligns with the upcoming Dencun upgrade, set to enhance network throughput and lower transaction costs.
The prominent altcoin Ethereum (ETH) has surpassed the $3,120 mark, showcasing an uphill performance in the cryptocurrency market and outpacing Bitcoin. ETH’s current trading level, not seen since April 2022, is drawing significant market interest and hinting at potential future growth.
The Ethereum surge comes amid the forthcoming Dencun upgrade, poised to enhance throughput and reduce the cost of specific network transactions. Further, ETH’s upward trajectory remains intact and is trading comfortably above the $3,100 threshold, supported by its position above the 100-hour simple moving average.
Notably, a new multi-week high of around $3,129 has been established, with the currency now in a phase of consolidating its gains. At the time of writing, Ethereum was trading at $3,108 with a daily trading volume of $13.3 billion. The price of ETH has surged over 3% in the past 24 hours and 7% over the past week.
What is Ethereum’s (ETH) Next Target?
According to the daily price chart, if Ethereum continues its upward momentum, it will encounter immediate resistance around the $3,180 level, with key resistance deceiving between $3,230 and $3,500. Surpassing these levels could ignite further bullish momentum, potentially rallying towards $3,700 and beyond, perhaps testing the $4,000 mark.
Ethereum (ETH) Price Chart (Source: TradingView)
Conversely, if Ethereum fails to breach the $3,180 resistance, it might trigger a corrective phase, with initial support expected near $3,040. Further, the $3,000 zone stands as a pivotal support level, followed by $2,950 and $2,920, with a potential downside of $2,850.
Despite this, MicroStrategy, a prominent business intelligence firm, faced a cybersecurity breach. The company’s X account fell victim to a fraudulent Ethereum token airdrop scheme, falsely promising users free tokens. However, cybersecurity experts have confirmed the scam, emphasizing that MicroStrategy has not initiated any token airdrop activities.