Ethereum has made an astonishing 6 consecutive green weekly candles. ETH is forever growing, with even more exiting developments on the horizon for this year. The Ethereum Foundation has announced the upcoming launch of the Dencun network upgrade on the Ethereum mainnet, following its successful activation on all testnets. Scheduled for March 13th, 2024, this upgrade mandates node operators and stakers to update their software.
With all of the development still happening mainly on ETH, I see a bright future for this altcoin as more adoption comes and market capitalization increases.
For the short term: From a technical indicator perspective and given how close we are to 4K, I think ETH increases a bit here before pullback, giving that often when we see "Overbought" in the weekly, there's usually a dip that follows the next weekly candle.
Make sure you check out this idea to get a better understanding of money-rotation between BTC and Alts:
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