On March 4, Ethereum (ETH) witnessed a surge in price, surpassing $3,740, marking a new peak for 2024. This upward momentum coincides with increasing trends in ETH 2.0 staking, indicating optimism surrounding the upcoming Dencun upgrade.
Following a strong performance against Bitcoin (BTC) in February 2024, Ethereum bulls have demonstrated confidence by doubling down on their staking positions in the first week of March. As anticipation builds for the Dencun Upgrade, ETH price is poised to make another attempt at reclaiming the $4,000 mark in the coming week.
ETH 2.0 staking deposits have now exceeded a significant milestone, crossing the $115 billion mark. This surge in staking activity reflects investors’ bullish outlook despite concerns of potential profit-taking as ETH price reached new highs.
With the Dencun upgrade scheduled just one week away on March 13, on-chain data from the ETH 2.0 beacon chain indicates that investors are opting to stake their coins rather than cash out at current historic prices. This commitment to staking enhances network security and stability while signaling long-term optimism surrounding the upcoming upgrade.
The substantial staking deposits amidst Ethereum’s price trending at a three-year peak underscore investors’ overwhelming confidence that the network improvements brought by the Dencun upgrade will further propel the rally.
Looking ahead, Ethereum price is poised for further upward momentum toward $4,000 ahead of the Dencun upgrade. Establishing steady support above $3,800 is crucial, with potential resistance from addresses that acquired ETH during the previous $4,000 price level in 2021. However, overcoming this resistance could pave the way for ETH to approach its all-time highs above $4,000.
While downside risks exist, such as a reversal below $3,000, recent market dynamics suggest strong short-term support around the $3,100 territory. Overall, Ethereum’s staking activity and price trends indicate a positive outlook as the network prepares for the Dencun upgrade.
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