The Ethereum price pumped more than 18% so far this month to trade at $2,926.70 as of 1:15 a.m. EST.

Analysts believe the ETH price may rise further in the short to medium term with the much-anticipated Dencun upgrade less than a month away. This upgrade will make Ethereum faster and cheaper as it will introduce “proto-danksharding” to the network.

Optimism around the U.S. Securities and Exchange Commission approving an Ethereum ETF (exchange-traded fund) this year has also been on the rise. The regulator’s approval of 10 different Bitcoin ETFs in January has strengthened the belief that an ETH ETF approval is coming sooner or later.

Ethereum Price Forms A Bullish Channel

4-hour chart for ETH/USDT (Source: TradingView)

The Ethereum price has formed a medium-term positive price channel on its charts over the past few days as it printed a series of higher highs and higher lows during this period. This ascending channel led to ETH overcoming the $2,890 resistance level in the last 24 hours. Should the bullish momentum continue, the altcoin may soon attempt a challenge at the $3,140 barrier as well.

This bullish thesis could be invalidated if the Ethereum price falls below the $2,890 price point within the next 24 hours. In this alternative scenario, the altcoin leader’s value may test the subsequent support level at $2,685 in the following couple of days. In an extremely bearish scenario, ETH could drop to as low as $2,440 in the short term.

Buyers May Boost The Ethereum Price As A Bullish Flag Is Triggered

Technical indicators on ETH’s 4-hour chart suggest the Ethereum price may continue to climb in the next 24 hours. Both the Relative Strength Index (RSI) and the Moving Average Convergence Divergence (MACD) indicators are flagging bullish.

The RSI line recently crossed above its Simple Moving Average (SMA) line. This significant bullish technical flag is generally seen as a sign that buyers have gained the upper hand against sellers. If this technical flag is validated, bulls may continue to drive the Ethereum price higher in the upcoming days.

The MACD line is also positioned bullishly above the MACD Signal line. This could be a sign that ETH is currently in a short-term positive trend. However, investors will want to keep an eye on these two lines as the margin between them is narrowing. An intersection of these two technical indicators in the next 24 hours could signal that ETH’s bullish trend has undergone a bearish trend reversal.

While bulls and bears battle it out on ETH’s charts, investors are betting big on Bitcoin Minetrix and its unique BTC cloud mining offering.

The Upgrade The BTC Cloud Mining Industry Needs

Up until now, the Bitcoin cloud mining sector has been infested with scammers. Mining operations by large institutions have also pushed start-up costs and subsequently elevated the barrier to entry for new entrants to unreasonable levels. Bitcoin Minetrix, through its innovative decentralized platform, aims to address these challenges.

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The project’s stake-to-mine model makes BTC cloud mining as simple as staking an ERC-20 token. Bitcoin Minetrix’s high degree of decentralization also makes BTC cloud mining more secure and fair, opening up the opportunity to earn a passive income paid in BTC for everyone.

The Next 10X Opportunity

Experts predict BTCMTX, Bitcoin Minetrix’s native token, could 10x in the months following its launch. This optimistic outlook on the altcoin can be attributed to BTC’s heavily-skewed supply and 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, resulting in a noticeable uptick in BTC’s price as well. 

#Bitcoin mining stocks surge as @canaanio leads with a 21% jump, signaling a strong recovery amid positive #BTC price dynamics. 📈@CleanSpark_Inc breaks yearly highs, overtakes @RiotPlatforms in market cap.

The resilience of the mining sector shines through! 💰#BTCMTX also… pic.twitter.com/kCvNBzq4ZV

— Bitcoinminetrix (@bitcoinminetrix) February 19, 2024

But BTC’s value could jump higher in the coming months given the upcoming halving event in April. During this historic event, mining rewards will be slashed in half. Not only will this make BTC more scarce, it will also impact smaller BTC mining operations.

As a result, these smaller setups will be left with no choice but to look for other options. The smaller miners could flock to Bitcoin Minetrix, which will have a substantial positive impact on BTCMTX’s price. What’s more, the potential surge in BTC’s value may push more investors to Bitcoin Minetrix and its passive income opportunity.

BTCMTX can be purchased here.

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• Source: https://insidebitcoins.com/news/ethereum-price-prediction-eth-soars-18-in-february-on-optimism-for-ethereum-dencun-upgrade-and-eth-etfs-but-analysts-say-this-ico-might-be-the-best-crypto-to-buy-now