Ethereum

Strong

Bitcoin

Rise

You can also read this news on COINTURK NEWS: <a href="https://en.coin-turk.com/ethereum-targets-rise-above-3300-with-strong-market-indicators/" data-wpel-link="internal">Ethereum Targets Rise Above $3,300 with Strong Market Indicators</a> 
According to the latest data, the largest <a href="https://coin-turk.com/turklerin-gozdesi-bu-altcoin-icin-tehlike-canlari-caliyor-iste-hayat-onemdeki-o-seviye" data-wpel-link="internal">Ethereum (ETH) may be aiming for a strong rise to exceed $3,300 in the short term. At the time of writing, ETH is trading at $3,257 with a 1.61% increase in the last 24 hours and a market value of $391 billion, and on-chain data suggests that the largest altcoin could see up to a 10% rise.</a> 
<h2 style="text-align: justify" id="strong-data-supports-a-bullish-outlook-strong">Data Supports a Bullish Outlook</h2> 
The latest on-chain data provided by the crypto data platform Santiment shows that <a href="https://en.coin-turk.com/bitcoin-surges-past-27000-triggering-ethereum-rally-critical-levels-to-watch/" data-wpel-link="internal">Ethereum</a> is facing the highest profit/loss ratio in about three months, even surpassing <a href="https://coin-turk.com/vazgecti-bitcoin-btc-dibini-bilen-kripto-analisti-yeni-hedefini-acikladi" data-wpel-link="internal">Bitcoin</a> (<a href="https://coin-turk.com/analist-btc-adina-yakin-vadeli-kritik-fiyat-seviyelerine-isaret-etti-kripto-para-piyasasinda-son-durum" data-wpel-link="internal">BTC</a>). Throughout this week, a high number of profitable on-chain transfers were recorded on the Ethereum network, with a ratio of 2.3 to 1 for ETHs in profit compared to those at a loss. This trend indicates the presence of positive sentiment among Ethereum investors. 
<img loading="lazy" loading="lazy" decoding="async" class="aligncenter size-full wp-image-320533" src="https://coin-turk.com/wp-content/uploads/2024/02/Santiment-Altcoin-ETH-scaled.jpeg" alt="" width="2560" height="1720"> 
Ethereum’s current price rally coincides with the planned Dencun update next month, which seems to contribute to the positive momentum surrounding the altcoin. Additionally, a significant drop in Ethereum’s funding rate on February 26th and a rapid increase to 0.06% the following day indicate a renewed confidence in the altcoin among futures traders. This renewed confidence among traders suggests a bullish expectation and the potential for <a href="https://en.coin-turk.com/big-investors-accumulating-eth-while-small-investors-sell-what-does-it-mean-for-ethereum/" data-wpel-link="internal">ETH</a>‘s spot price to surpass the pivotal $3,500 mark. 
<img loading="lazy" loading="lazy" decoding="async" class="aligncenter size-full wp-image-320536" src="https://coin-turk.com/wp-content/uploads/2024/02/Ethereum-Fonlama.png" alt="" width="2796" height="788"> 
IntoTheBlock‘s global inflow/outflow data supports a bullish outlook for Ethereum, showing that approximately 80% of current ETH investors are in a profitable position with Ethereum trading at $3,250. This suggests that many investors prefer to hold their ETH rather than sell, contributing to the ongoing rally. However, the data also points to a significant resistance level at an average price of $3,300, with 1.03 million wallet addresses holding 218,650 ETH at this price point. 
<h2 style="text-align: justify" id="strong-despite-positive-outlook-warnings-of-a-potential-decline-begin-strong">Despite Positive Outlook, Warnings of a Potential Decline Begin</h2> 
Despite the bullish momentum, analysts warn of potential downside risks, especially if the price of ETH falls below $3,000. The prevalence of over-leveraged positions could leave ETH investors vulnerable to significant losses, particularly if a wave of margin calls triggers a long squeeze. 
In light of the data, seasoned cryptocurrency analyst Michael van de Poppe suggests that a 10-20% correction could be on the table following the current price increase, urging investors and traders to exercise caution. 
<h5>The post first appeared on COINTURK NEWS: <a href="https://en.coin-turk.com/ethereum-targets-rise-above-3300-with-strong-market-indicators/" data-wpel-link="internal">Ethereum Targets Rise Above $3,300 with Strong Market Indicators</a></h5>

Ethereum Targets Rise Above $3,300 with Strong Market Indicators

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