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With the Bitcoin price reaching an all-time high of $73,000, the upcoming Dencun upgrade is great news for Ethereum HODLers. Further, with 106.26m Ethereum holding addresses “In The Money,” 95.34% of HODLers are profitable.
Amidst the rising interest in the altcoins and Dencun Upgrade hyping up the Ethereum chain, the bulls are preparing for a new sprint. With just hours left for the upgrade, let’s have a look at the ETH price chart and a close cousin of Ethereum for a bullish entry spot.
With a rounding bullish reversal in the weekly chart, the ETH price stands as one of the top performers amongst the large-cap coins. Continuing a streak of bullish candle formation, the seventh candle is under formation.
Source: Tradingview
With the Ethereum price rising 81% in the last seven weeks, the demand is increasing with just hours left for the Dencun. Crossing above the $4,000 mark, the biggest altcoin is above the 78.60% Fib level and aims to challenge the peak at $4,868.
Hence, as per the Fibonacci levels and the growing demand, the ETH price could shortly reach the $5,000 mark. Further, as per the Fib levels, the $5,000 breakout can set a bull run to the $6,835 mark.
As Ethereum’s price surpasses the $4,000 mark, the close cousin Ethereum Classic shows a strong bullish trend. With a bullish reversal rally taking off in the weekly chart with a trendline breakout, the ETC price concludes the downtrend.
Source: Tradingview
As per the ETC price chart, the altcoin is up by 61% in the last six weeks with a retest of a range breakout. Currently, the ETC price trend challenges the 23.60% Fibonacci level and trades at $37.41.
Hence, with the ongoing bull run, the Ethereum Classic shows underlying potential to cross the $50 mark with Dencun around the corner.
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