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The Ethereum price motivated up more than 18% so far this month to trade at $2,926.70 as of 1:15 a.m. EST.
Analysts believe that the ETH price could rise further in the short to medium term if the long-awaited Dencun upgrade takes place in less than a month. This upgrade will make Ethereum faster and cheaper as it will introduce “proto-dankhardening” to the network.
Optimism surrounding the U.S. Securities and Exchange Commission approving an Ethereum ETF (exchange-traded fund) this year is also rising. The regulatory approval of ten different Bitcoin ETFs in January has reinforced the belief that an ETH ETF approval will come sooner or later.
Ethereum price is forming a bullish channel
4-hour chart for ETH/USDT (source: Trading view)
The Ethereum The price has formed a positive medium-term price channel on the charts in recent days as it has printed a series of higher highs and higher lows during this period. This ascending channel led ETH to overcome the $2,890 resistance level over the past 24 hours. Should the bullish momentum continue, the altcoin could also attempt to break the $3,140 barrier soon.
This bullish thesis could be debunked if Ethereum price falls below the $2,890 price point within the next 24 hours. In this alternative scenario, the altcoin leader’s value could test the subsequent support level at $2,685 in the coming days. In an extremely bearish scenario, ETH could drop to $2,440 in the short term.
Buyers can increase the Ethereum price as a bullish flag is activated
Technical indicators on the 4-hour chart of ETH suggest that the Ethereum price may continue to rise over the next 24 hours. Both the Relative Strength Index (RSI) and the Moving Average Convergence Divergence (MACD) indicators are bullish.
The RSI line recently crossed above the Simple Moving Average (SMA) line. This significant bullish technical flag is generally seen as a sign that buyers have gained the upper hand over sellers. If this technical flag is validated, the bulls may continue to ride Ethereum price higher in the coming days.
The MACD line is also bullishly above the MACD signal line. This could be a sign that ETH is currently in a positive short-term trend. However, investors will want to keep an eye on these two lines as the margin between them narrows. An intersection of these two technical indicators over the next 24 hours could indicate that ETH’s bullish trend has undergone a bearish trend reversal.
As bulls and bears battle it out on the ETH charts, investors are betting big Bitcoin Minetrix and its unique BTC cloud mining offering.
The upgrade the BTC Cloud Mining industry needs
So far, the Bitcoin cloud mining sector has been plagued by scammers. Mining activities by major institutions have also increased start-up costs and subsequently raised the barrier to entry for new entrants to an unreasonable level. Bitcoin Minetrix aims to address these challenges through its innovative decentralized platform.
The project’s stake-to-mine model makes BTC cloud mining as easy as staking an ERC-20 token. Bitcoin Minetrix’s high degree of decentralization also makes BTC cloud mining more secure and fair, creating the opportunity to earn passive income paid in BTC for everyone.
The next 10x chance
Experts predict that BTCMTX, Bitcoin Minetrix’s native token, could grow tenfold in the months following its launch. This optimistic view of the altcoin can be attributed to BTC’s highly skewed supply-demand ratio. The launch of spot Bitcoin ETFs in January led to a surge in demand for BTC as the crypto market leader entered the mainstream financial market, which also resulted in a noticeable increase in the price of BTC.
#Bitcoin mining stocks rise as @canaanio leads with a jump of 21%, indicating a strong recovery amid positive data #BTC price dynamics. ????@CleanSpark_Inc breaks annual highs, overtakes @RiotPlatforms in terms of market capitalization.
The resilience of the mining sector radiates! ????#BTCMTX Also… pic.twitter.com/kCvNBzq4ZV
— Bitcoinminetrix (@bitcoinminetrix) February 19, 2024
But BTC’s value could soar higher in the coming months given the upcoming halving in April. During this historic event, mining rewards will be halved. This will not only make BTC scarcer, it will also impact smaller BTC mining operations.
As a result, these smaller setups have no choice but to look for other options. The smaller miners could flock to Bitcoin Minetrix, which will have a substantial positive impact on the price of BTCMTX. Furthermore, the potential increase in BTC’s value could push more investors toward Bitcoin Minetrix and its passive income opportunity.
BCMTX can be purchased here.
Related articles:
New Crypto Mining Platform – Bitcoin Minetrix
- Controlled by Coinsult
- Decentralized, secure cloud mining
- Earn free Bitcoin every day
- Native token now on pre-sale – BTCMTX
- Staking Rewards – Over 50% APY
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