ETH Hits New 18-Month High as Traders Focus on Anticipated Sponge V2 Launch

The altcoin market is currently experiencing a significant rise. This is visible through the increasing gains of most popular altcoins. Apparently Ethereum (ETH) presents itself as the leading figure of booming cryptocurrencies.

For around 18 months, ETH had never posted its current performance, which propelled its price to unprecedented heights. However, crypto investors are scrambling to acquire Sponge V2 token before its official launch.

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Will ETH cross the $3,000 mark?

The last time the token reached the high of $3,000 was in 2022, but analysts believe that Ethereum’s new start in 2024 is trending towards this higher high.

To this end one of the cryptography domain analysts named Jelle published on X to say this: “ETH has reached its highest level in 18 months, and it doesn’t look like it will stop anytime soon. I expect $3,000 in the next quarter.”

According to this expert, Ethereum (ETH) has started a very accelerated and unrestrained rise. He adds that this digital asset could reach the $3,000 mark during the next quarter. Looking at the price curve of Ethereum since 2022, it seems that the current trend promises a better future for holders of ETH tokens.

Other positive signals from the ETH token in 2024

The ETH price chart shows encouraging indicators over several years. Additionally, even shorter time frames reveal positive prospects for this cryptocurrency. In a recent article by crypto expert Ali Martinez, it was highlighted that Ethereum managed to break beyond the boundaries of an ascending triangle on the weekly chart. Despite some temporary fluctuations, the goal remains constant to reach a target price of $3,400.

On January 12th, crypto analyst Michael van de Poppe published an article suggesting that ETH surpassed the crucial $2,130 mark, signaling the possibility of further developments. This breakout is expected to launch ETH towards a new high of $2,700.

Without stopping there, there is also a strong chance of a further increase up to $3,500 over the next 2-3 months. According to Michael van de Poppe, the ETH price has exceeded a critical threshold, indicating potential gains.

Graphical study of the price of Ethereum (ETH)

Currently, Ethereum is trading at a value of $2,534, experiencing a slight decline of 0.39% in the last 24 hours. However, it managed to accumulate gains of 13.87% on a weekly basis and 11.24% on a monthly basis.

The price chart of Ethereum (ETH) over a 7-day period can be observed. The source of this information is Coinphony. Over the past year, this particular asset has seen an impressive rise in its price, with a remarkable 66% increase.

This performance exceeds that of 60% of the best cryptocurrencies on the market. Additionally, it is currently trading higher than its calculated 200-day moving average. Which suggests positive prospects for its medium and long term trend.

Currently, experts and technical indicators are bullish on the prediction that ETH will surpass the $3,000 threshold. However, only time will tell if this will actually come true. Apart from Ethereum, other cryptocurrencies remain under the scrutiny of investors for this year.

Sponge V2: the new cryptocurrency to watch for investing in 2024

While BONK and MEME are attracting great interest, some traders are focusing on the imminent release of Sponge V2 (SPONGEV2) . It is a new cryptographic project which seems promising and investors hope to generate considerable income with the famous $SPONGEV2 tokens.

Sponge V2 represents the latest advancement of the popular coin Sponge (SPONGE), which attracted considerable attention when it completed a $100 million fundraising round. This is a goal that the project was able to achieve in just a few days after its initial release.

At its peak, SPONGE had a remarkable customer base of over 13,000 unique wallet holders, and to this day, it continues to retain a significant number of loyal customers. With the upgraded SPONGEV2 token, the Sponge ecosystem is set to expand its functionality. The project claims to introduce additional benefits such as staking rewards and play-to-earn (P2E) capabilities.

Using the mechanism provided on the official Sponge website, current SPONGE holders have the convenient option to connect their tokens to SPONGEV2. This offers an attractive annual reward rate of 324%. Upon the official launch of SPONGEV2, the original SPONGE token will become obsolete, causing its value to be completely transferred to the new version.

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(Featured image by Kanchanara via Unsplash)

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First published in ActuFINANCE. A third-party contributor translated and adapted the articles from the originals. In case of discrepancy, the originals will prevail.

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