Upcoming Dencun upgrade is pushing ETH price to 3500

Hi everyone,

After recent correction Ethereum price started to rise again and already broke previous yearly high at 2700 and currently is trading above 2900.

The main driving force pushing Ethereum price up is upcoming Dencun upgrade which is planned on March 13.
Let's look at how Ethereum price behaved before previous big upgrades.
Before Merge upgrade Ethereum price reached its peak on 13 August 2021 and upgrade itself happened one month later on 15 September 2021. After that Ethereum price declined on 40% within next couple months.
Next big upgrade Shapella happened on 12 April 2022 and Ethereum price reached its peak after next day on 14 April 2022. After that Ethereum price declined on over 20% within next couple months.
Considering all this I can suggest that we can expect another 2 to 4 weeks of ETH price rise after which correction on 20% - 30%.

If Ethereum price breaks 3000 level then potentially it can rise up to 3500 price level. I'm not sure if it manages to reach exactly 3500 price but it's very possible. As I indicated after Dencun upgrade we can expect price correction at least on 20% roughly to 2600 - 2700 support area.


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Comment:

ETH price tested 3000 level but couldn't hold above it.
In any case it's a good sign for bulls.

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Ethereum price broke 3000 level and currently is trading above 3200.
As I indicated in this idea ETH price can reach 3500 level.

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Ethereum already trading above 3300 and reaching 3370 as the highest point so far.
3500 is closer and closer.

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Ethereum price broke 3500 level.
Basically main target has been reached.

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Ethereum price has reached 3900 level.
Price rose much higher than I expected thanks to Bitcoin rally.

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Ethereum price tested 4k and I think that if BTC breaks 70k then we might see ETH at 4500.

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Ethereum price broke 4k level

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Yesterday Dencun upgrade happened.
As was expected ETH price stopped rising and starts slowly going down.
Unless BTC goes to 80k I expect decline in ETH price.

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Yesterday ETH price dropped under 3100 but now rised at around 3500 again.
That drop was almost 25% and eve though it coincidented with Bitcoin drop but still this happened exactly after Dencun upgrade and whole this idea was about possible rise and fall afterwards.