Is Ethereum (ETH) on its way to $4,000? March forecast

After reclaiming the $3,000 level earlier this week, Ethereum (ETH) initiated a new bullish target around the $4,000 line. Let's take a look at the price of the second largest cryptocurrency and how Btjat's chief analyst expects it to perform in March.

Ethereum (ETH) price breaks its biggest psychological barrier and the next target is $4,000

Just like Bitcoin (BTC), I succeeded Ethereum currency (ETH) managed to regain very important support this week, which is $3,000. At the time of writing (Friday 9:49 a.m. Dubai time), Ethereum is trading at $3,378. As its price finally rises, how much more can the cryptocurrency rise?

With an increase of 14.5% in 7 days, and 44.3% over the entire month of February, Ethereum is returning to an upward trend in all major time units. As Bitcoin's dominance over altcoins continues to increase by 54%, Ethereum's (ETH) dominance has increased to 54%. 6:28 p.m.% at the time of writing this article.

Since the start of the year, nothing has been able to stop the rise of ETH. Ethereum also recently broke out of an ascending channel from above, reaching a target just below $4,000. Ethereum is moving in a strong uptrend and is supported by all Ichimoku curves.

• For the latest Ethereum price analysis from BeInCrypto,click here>

As long as the price remains above the $3,000 line, there will be a high probability of Ethereum testing $4,000 again in the coming weeks. This optimistic scenario will only be invalidated if the price falls below the $2,900 level. At this point, there will be a good chance that the cryptocurrency will correct to the bottom of its trend towards $2,600.

In summary, Ethereum shows a good bullish formation. It should therefore follow Bitcoin upward, with a very likely return to around $4,000.

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Predictions from BTGat Exchange Chief Analyst Brian Lee

For Mr. “The current price of ETH against BTC is relatively low. But it is gradually accelerating upward,” said Ryan Lee, chief analyst at Bitget.

As for the main positive factors supporting Ethereum price growth in the current month of March, the analyst believes that thanks to an “upgrade Kankun (Cancun) In the first quarter of 2024, several projects and layer 2 reimplementations accelerate the Ethereum (ETH) staking lock, there is a chance that the price of ETH exceeds $3,500, with support at $3,100 and a coin accumulation level at $2,900.

The master continues. Ryan Lee's analysis:

“At the macroeconomic level, the likelihood of a Fed rate cut in March has diminished. Combined with current economic data, this suggests that the first Fed rate cut could occur in May 2024. As a result, the results of ETF approval could begin to become known. Ethereum (ETH) Instant fermentation. Which could lead to a stronger Bitcoin trend. In an optimistic scenario, ETH could test the $4,300 range, the highest level of 2021, with the actual range depending on market liquidity, and is expected to fluctuate between $2,500 and $3,500 most of the time .

Looking at the history of the currency's performance and the previous monetary cycles it has gone through, Mr. Lee assesses the situation as follows:

“Based on previous cycles, it is possible that BTC will see further growth that peaks within six months to a year and a half after the halving, and Ethereum (ETH) could follow suit with a breakout. With the With the entry of major financial institutions, market forces are expected to push Ethereum to an all-time high in 2024, surpassing $4,900.