Ethereum (ETH) had a strong week, gaining over 12% to trade around $3,400 amid a broader cryptocurrency market rally. While ETH was outperformed percentage-wise by other major cryptocurrencies like Bitcoin (up 20%) and Solana (up 25%), sentiment remains positive due to upcoming upgrades and potential regulatory approval.
The second-largest cryptocurrency by market capitalization touched $3,500 during the week, a key resistance level, before pulling back slightly. The gains came as the broader crypto market saw renewed strength. Still, Ethereum is lagging somewhat behind other alternative cryptocurrencies in percentage returns over the last week.
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Show more +The positive view on Ethereum persists thanks to the upcoming Dencun upgrade which promises lower transactions fees and greater efficiency. Additionally, the potential approval of a U.S. ETF tied to Ethereum by the Securities and Exchange Commission (SEC), which has a deadline in May, is further buoying sentiment. An ETF could bring significant new institutional interest to the cryptocurrency.
Popular Crypto Analyst Sets $15,000 Price Target
Notable cryptocurrency analyst CryptoBusy tweeted to his over 140,000 followers that Ethereum breaking key “golden ratios” from its all-time high is good news. He set out potential price targets, explaining:
“If Ethereum dominance breaks the 30%, then we could definitely see $ETH above $15k. But if the ETH Dominance remains at 20 to 23% then $10k per ETH is still possible since there’s a potential Ethereum ETF, Dencun upgrade (lower fees), and the Verkle trees which makes ETH more interesting because of the potential AI integration!
In essence, CryptoBusy sees a possibility Ethereum could reach $15,000 this bull cycle if it grows to take a 30% share of the overall crypto market capitalization again. However, even if its market cap share stays between 20-23% as now, $10,000 is an achievable target due to coming upgrades that enhance functionality, coupled with an ETF approval bringing institution interest.
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