cryptocurrency While the market has been going through active days since the beginning of 2024, among the most important events of recent days Bitcoin‘s ATH refresh and Ethereum Includes Dencun upgrade.
Ethereum Dencun While the upgrade is expected to take place today, March 13, the Singapore-based cryptocurrency company QCP Capital evaluated the Ethereum and Dencun upgrade in its new report.
At this point, QCP Capital, despite its recent rise to over $4,000 Ethereum He warned investors about a possible price correction for
Analysts note that the likelihood of spot Ethereum ETF approval in the near future is low. ETH He said that the sentiment in the market has changed for
Pointing out that the number of investors opening bearish option transactions in ETH has increased, he attributed this decline expectation to the Dencun upgrade that will take place today and that a “sell the news” situation may occur with the upgrade.
“The ‘risk reversal’ we expected in Bitcoin happened overnight but was extremely short-lived.
BTC touched 68,600 and ETH touched 3,825 before making a sharp jump above 72,000 and 4,000 levels respectively.
Here we see that ETH volumes have dropped more than BTC in particular.
The market appears to be pricing in the possibility of ETH spot ETF approval and a possible correction in ETH prices could be seen.”
Finally, despite the short-term decline, analysts ETH He said that they maintain their long-term upward expectations for the market, but continue to be cautious about increases.
*This is not investment advice.
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