Analyst Targets $3,500 in Coming Months

• Ethereum price has enjoyed a more bullish outlook since the approval of spot Bitcoin ETFs in the United States amid heightened demand by institutional investors.
• Crypto experts forecast Ethereum price will rally about 40 percent in the coming months fueled by the gradual altcoin awakening and improved liquidity.

Ethereum (ETH), the leading smart contract-based blockchains with hundreds of decentralized financial (DeFi) that have over $69 billion in stablecoins market cap, closed last week on a bullish outlook compared to Bitcoin that is on the cusp of imminent correction.

The approval and listing of 11 spot Bitcoin ETFs in the United States has raised the odds of the US Securities and Exchange Commission (SEC) approving Ethereum’s spot ETFs by May this year. As a result, the Ethereum network has stamped its dominance in the web3 industry despite the notable rise in Eth-killers like Solana (SOL), Cardano (ADA), Tron (TRX), and BSC, among others.

Closer Look at Ethereum Price Analysis

Similar to Bitcoin, Ethereum’s price action has been on a rising trend since the beginning of last year. The Ether’s macro bullish outlook was confirmed after a consistent close above $2k coupled with the recent successful retest of the support/resistance level of around $2,130.

Backed by a weekly golden cross between the 50 and 200 Moving Averages (MA), Ethereum price is well positioned to continue rallying in the near term. Moreover, on-chain data shows Bitcoin investors led by miners have accelerated profit-taking in anticipation of a possible price reversal following a bullish uptrend fueled by the spot ETF frenzy.

According to a popular crypto analyst alias Pentoshi1 on the X platform, Ethereum bulls are well incentivized to reach around $3,500 by the second quarter of 2024. The crypto analyst argued that the inevitable approval of spot Ethereum ETF in the United States will fuel a major altcoin rally.

institutional investors led by BlackRock are looking at diversifying into Ethereum to maximize profits with lower risks. Meanwhile, the weekly auto-fib retracement shows that the next Ethereum price targets are around $3,154 and $3,767. However, the bullish outlook can be invalidated if the bulls fail to defend the rising momentum and the Ether price consistently closes below $2k in the coming months.

https://twitter.com/pentosh1/status/1746327516329951330?s=46

Market Outlook

Ethereum has registered notable gains in the past fueled by the mass adoption of blockchain technology, the web3 industry, and digital assets. Having successfully transitioned to the proof-of-stake (POS) earlier last year, the Ethereum network has attracted more investors seeking to earn passively from a reputable digital asset.

As of this report, more than 28.7 million ETH have been staked by over 896k validators to secure the Ethereum network that has reclaimed over $104 billion in Total Value Locked (TVL). The meteoric rise of the Ethereum TVL has been triggered by the PinkSale launchpad that recorded an uptick of 121,568 percent to $73 billion according to defillama.

ETH price had gained about 10 percent in the past seven days to trade at .

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