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<p><span style="font-weight: 400;">The Ethereum price rose 2.5% in the last 24 hours </span><a href="https://coinmarketcap.com/currencies/ethereum/" rel="noopener noreferrer nofollow"><span style="font-weight: 400;">to trade at $3,350</span></a><span style="font-weight: 400;"> as of 04:50 a.m. EST on trading volume that plunged 12.41% to $19 billion.</span></p>
<p><span style="font-weight: 400;">This comes as former Goldman Sachs executive Raoul Pal says that ETH is gearing up for a huge breakout against Bitcoin.</span></p>
<blockquote class="twitter-tweet" data-width="550" data-dnt="true">
 <p lang="en" dir="ltr">The ETH/BTC chart is an absolute stunner…and ready for the next big move the break of the mega wedge…lets see how is pans out… <a href="https://t.co/5x4tJLjtJy" rel="noopener noreferrer nofollow">pic.twitter.com/5x4tJLjtJy</a></p>
 <p>— Raoul Pal (@RaoulGMI) <a href="https://twitter.com/RaoulGMI/status/1761901038687162503?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">February 25, 2024</a></p>
</blockquote>
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<p><span style="font-weight: 400;">In his analysis on X, Pal says that ETH/BTC has already broken out of a descending channel, which is a signal for an imminent bullish trend reversal.&nbsp;</span></p>
<p><span style="font-weight: 400;">As many analysts turn bullish on Ethereum, can it soar enough to challenge Bitcoin?</span></p>
<h2 id="span-style-font-weight-400-ethereum-price-bullish-riding-the-rising-channel-span"><span style="font-weight: 400;">Ethereum Price Bullish, Riding The Rising Channel</span></h2>
<figure id="attachment_484443" aria-describedby="caption-attachment-484443" style="width: 100%" class="wp-caption alignnone"><img decoding="async" class="size-full wp-image-484443" src="https://insidebitcoins.com/wp-content/uploads/2024/02/ETHUSD_2024-02-28_12-50-55.png" alt="Ethereum Price Chart Analysis Source: Tradingview.com" width="1281" height="555" srcset="https://insidebitcoins.com/wp-content/uploads/2024/02/ETHUSD_2024-02-28_12-50-55.png 1281w, https://insidebitcoins.com/wp-content/uploads/2024/02/ETHUSD_2024-02-28_12-50-55-300x130.png 300w, https://insidebitcoins.com/wp-content/uploads/2024/02/ETHUSD_2024-02-28_12-50-55-1024x444.png 1024w, https://insidebitcoins.com/wp-content/uploads/2024/02/ETHUSD_2024-02-28_12-50-55-768x333.png 768w" sizes="(max-width: 1281px) 100vw, 1281px">
 <figcaption id="caption-attachment-484443" class="wp-caption-text">
  ETHUSD Chart Analysis Source: Tradingview.com
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<p><span style="font-weight: 400;">At the beginning of February, the Ethereum price was in a consolidation phase, trading within the $2,300 range. However, the bulls showed some strength, pushing the price to trade within the boundaries of the rising channel pattern.</span></p>
<p><span style="font-weight: 400;">ETH is currently trading above both the 50-day and 200-day Simple Moving Averages (SMAs), a confirmation of the bullish momentum.</span></p>
<p><span style="font-weight: 400;">Additionally, the Relative Strength Index (RSI) is also bullish, as it trades upwards to the overbought region at 80. This is a testimony of investor’s optimism evidenced by the intense buying pressure.</span></p>
<p><img decoding="async" class="alignnone size-full wp-image-484444" src="https://insidebitcoins.com/wp-content/uploads/2024/02/ETH-MACDX.png" alt="ETH MACDX" width="1262" height="253" srcset="https://insidebitcoins.com/wp-content/uploads/2024/02/ETH-MACDX.png 1262w, https://insidebitcoins.com/wp-content/uploads/2024/02/ETH-MACDX-300x60.png 300w, https://insidebitcoins.com/wp-content/uploads/2024/02/ETH-MACDX-1024x205.png 1024w, https://insidebitcoins.com/wp-content/uploads/2024/02/ETH-MACDX-768x154.png 768w" sizes="(max-width: 1262px) 100vw, 1262px"></p>
<p><span style="font-weight: 400;">Furthermore, the Moving Average Convergence Divergence (MACD) is also bullish, as the moving average line (blue) crosses above the signal line (orange), representing a bullish crossover. Investors usually use a bullish crossover as a signal to buy more.</span></p>
<p><span style="font-weight: 400;">The green bars on the histogram further support the bullish sentiment, as they extend above the zero line. Additionally, the Average Directional Index (ADX) is moving north at 49, indicating that the current trend is very strong.</span></p>
<h2 id="span-style-font-weight-400-ethereum-price-prediction-span"><span style="font-weight: 400;">Ethereum Price Prediction</span></h2>
<p><span style="font-weight: 400;">The Ethereum price analysis shows a bullish bias, evident with the price trading within the rising channel pattern. Additionally, the 50-day SMA is crossing above the 200-day SMA, which forms a golden cross at $2,409. The bulls are looking to capitalize on these factors to push the price even higher, as they aim for $4,000.</span></p>
<p><span style="font-weight: 400;">However, the RSI has already crossed the overbought region, which may indicate an incoming price correction. In such a scenario, the bears may take charge of the price, driving it down to $2,842, within the lower boundary of the rising channel.</span></p>
<p><span style="font-weight: 400;">Meanwhile, as the Ethereum price climbs, investors looking to diversify their investments with more upside potential might consider Sponge V2, a project that aims to emulate the 100X gains of its predecessor, Sponge V1.</span></p>
<h2 id="span-style-font-weight-400-sponge-v2-a-promising-opportunity-for-explosive-returns-span"><span style="font-weight: 400;">Sponge V2: A Promising Opportunity For Explosive Returns</span></h2>
<p><span style="font-weight: 400;">If you did not benefit from Sponge’s quick success last year, you can still seize the opportunity to invest in </span><a href="https://insidebitcoins.com/visit/sponge" rel="noopener noreferrer nofollow"><span style="font-weight: 400;">Sponge V2</span></a><span style="font-weight: 400;">, as its launch on major exchanges draws near. Sponge V2 is building on the success of Sponge V1, offering greater utility and rewards, all while retaining the core elements of a meme token.</span></p>
<blockquote class="twitter-tweet" data-width="550" data-dnt="true">
 <p lang="en" dir="ltr">You're not ready for <a href="https://twitter.com/search?q=%24SPONGE&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">$SPONGE</a> 🧽🚀🧽<a href="https://twitter.com/hashtag/Web3?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#Web3</a> <a href="https://twitter.com/hashtag/Crypto?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#Crypto</a> <a href="https://twitter.com/hashtag/MemeCoin?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#MemeCoin</a> <a href="https://twitter.com/hashtag/Alts?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#Alts</a> <a href="https://t.co/RA9AKTddyg" rel="noopener noreferrer nofollow">pic.twitter.com/RA9AKTddyg</a></p>
 <p>— $SPONGE (@spongeoneth) <a href="https://twitter.com/spongeoneth/status/1762528294136586678?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">February 27, 2024</a></p>
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<p><span style="font-weight: 400;">The project is set to innovate the market with unique strategies for transaction fees, liquidity, and staking.</span></p>
<p><span style="font-weight: 400;">The team discontinued Sponge V1 on Feb. 5, paving the way for the transition of over 13,000 holders to the more secure and cost-efficient V2 on the Polygon Network.</span></p>
<blockquote class="twitter-tweet" data-width="550" data-dnt="true">
 <p lang="en" dir="ltr">📣 Attention, <a href="https://twitter.com/hashtag/SPONGERS?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#SPONGERS</a>!</p>
 <p>Here is some important information to remember about <a href="https://twitter.com/search?q=%24SPONGE&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">$SPONGE</a> V2!<a href="https://twitter.com/search?q=%24SPONGE&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">$SPONGE</a> V1 has officially been discontinued, and V2 has been launched on <a href="https://twitter.com/hashtag/Polygon?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#Polygon</a>! 🔥</p>
 <p>Learn more about the token details below 👇<a href="https://t.co/TCdxgXx40w" rel="noopener noreferrer nofollow">https://t.co/TCdxgXx40w</a></p>
 <p>🧵1/3 <a href="https://t.co/YZzXOlKmHY" rel="noopener noreferrer nofollow">pic.twitter.com/YZzXOlKmHY</a></p>
 <p>— $SPONGE (@spongeoneth) <a href="https://twitter.com/spongeoneth/status/1754826966048657421?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">February 6, 2024</a></p>
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<h2 id="span-style-font-weight-400-buy-and-stake-sponge-v2-778-annual-rewards-span"><span style="font-weight: 400;">Buy And Stake $SPONGE V2, 778% Annual Rewards</span></h2>
<p><span style="font-weight: 400;">You can </span><a href="https://insidebitcoins.com/visit/sponge" rel="noopener noreferrer nofollow"><span style="font-weight: 400;">buy and stake your $SPONGE V2 tokens</span></a><span style="font-weight: 400;"> on the Polygon Network, earning an impressive 778% annual percentage yield (APY). Moreover, the team is set to launch a play-to-earn (P2E) game, </span><i><span style="font-weight: 400;">Sponge Racer,</span></i><span style="font-weight: 400;"> which will earn token rewards while expanding the token’s utility.</span></p>
<p><span style="font-weight: 400;">According to crypto analyst and YouTuber Jacob Bury, Sponge V2 has the potential to surge 10X on launch.</span></p>
<p><iframe title="Sponge V2 Meme Coin NEWS (Next 10x Potential Crypto?!) | 10X MEME COIN?!" width="640" height="360" src="https://www.youtube.com/embed/UTY5NR4EDlM?feature=oembed" frameborder="0" allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share" allowfullscreen></iframe></p>
<p><span style="font-weight: 400;">To join the presale, visit </span><a href="https://insidebitcoins.com/visit/sponge" rel="noopener noreferrer nofollow"><span style="font-weight: 400;">the official Sponge V2 website</span></a><span style="font-weight: 400;"> and link your digital wallet to swap your ETH or USDT for V2 tokens. You can also buy directly using your bank card.</span></p>
<h2 id="span-style-font-weight-400-related-news-span"><span style="font-weight: 400;">Related News</span></h2>
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Ethereum Price Prediction: Former Goldman Sachs Analyst Sees Huge ETH Breakout Against Bitcoin, But Experts Say This 10X Meme Coin Might Be ...

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