The post Ethereum Price to Hit a New ATH in the Next 30-36 Days: Here’s Why appeared first on Coinpedia Fintech News
The recent Bitcoin (BTC) price rally above $101k has stirred bullish sentiment in the entire altcoin industry, led by Ethereum (ETH). The fear of further crypto capitulation has significantly diminished, less than a week to the much-hyped 2nd inauguration of pro-crypto US President-elect Donald Trump.
Furthermore, the political shift in the United States will set a new precedent for the mainstream adoption of digital assets and web3 protocols globally. As of this writing, more than 562 million people worldwide own crypto assets, thus signaling the adoption is still in the early stages.
Ethereum Price Gears Up for Major Uproar
From a technical analysis standpoint, Ether’s price has been preparing for a major bullish uproar in the past year. The large-cap altcoin, with a fully diluted valuation of about $407 billion and a 24-hour average trading volume of around $26 billion, has been forming an inverted head and shoulders (H&S) pattern, with a robust support level of around $2,923.
With a major resistance level of around $4,060, Ethereum’s price is aiming at a new all-time high in the coming months fueled by institutional investors. Moreover, the renewed interest from US spot Ether ETFs has helped reduce Ether’s circulating supply.
Favoring Fundamentals
The Ethereum network has attracted the most experienced web3 developers, mainly due to its sheer magnitude and robust ecosystem backed by reputable investors. Led by co-founder Vitalik Buterin, the Ethereum network has grown to a bintrant web3 ecosystem, with a total value locked of about $67 billion and a stablecoins market cap of about $114 billion.
In a bid to ensure sustainable future growth prospects, Ethereum’s core developers are preparing the Pectra upgrade before the end of Q1 2025. The Pectra Upgrade will focus on the improvement of the execution and consensus layers of Ethereum.
For instance, the Pectra upgrade will involve EIP-7702 to allow regular wallets to act temporarily as smart contracts during transactions to enhance security. Another key feature of the Pectra upgrade is the EIP-7251, which will increase the staking limit for validators from 32 ETH to 2048 ETH.