CoinMarketCap: Ethereum is half a step closer to $3,000

The second-largest digital currency by market capitalization is experiencing a resurgence, reaching new all-time highs. This is due to increased investment activity in Bitcoin exchange-traded funds (ETFs) and speculation surrounding the impending launch of an Ethereum ETF.

Experts at CoinMarketCap have analyzed TradingView’s historical ether price chart and predict that the upward trend in the market value of Ethereum will continue. The chart reveals a remarkable surge in ETH’s value, with an average weekly increase of around 11%. Technical indicators are also indicating a strong buy signal for the asset. Since the beginning of the year, ether investments have yielded returns of approximately 18%, and in the past six months, the digital currency’s price has grown by nearly 68%.

Several factors are expected to drive further growth. One of the key drivers is the upcoming upgrade of the Ethereum network, called Dencun, scheduled for March 13. Additionally, the increasing investment activity in Bitcoin ETFs and the anticipation of ETF approval for Ethereum are contributing to the positive outlook for the digital currency.

Although Ether has not been able to sustain levels above the $2,800-$2,900 resistance range, it continues to rebound from the support area of $2,600-$2,750, aiming to test a new yearly high of $3,000. If Ethereum successfully breaks through the crucial resistance level of $2,900, experts predict that it could reach a price range of $3,000-$3,300 by the end of the month.

On Saturday, February 17, the weighted average price of ether on major trading platforms fluctuated between $2,700 and $2,820, representing a 1.57% decrease throughout the day.

Recently, Coin Metrics conducted a study on the resilience of the Bitcoin and Ethereum networks against 51% attacks. The study concluded that such attacks have become economically unfeasible, as the costs for attackers would be astronomical and far surpass any potential gains.