On The Brink: Ethereum Challenges Descending Channel, Targets $3,000 Price
Reason to trust Strict editorial policy that focuses on accuracy, relevance, and impartiality Created by industry experts and meticulously reviewed The highest standards in reporting and publishing Strict editorial policy that focuses on accuracy, relevance, and impartiality Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio. Este artículo también está disponible en español. Ethereum (ETH), the second-largest cryptocurrency by market capitalization, is preparing for a potential rally towards the $3,000 mark, a level not towardseen since early February. This comes despite a tumultuous month in which the altcoin has experienced a nearly 20% decline in price, reflecting broader trends in the cryptocurrency market currently in a bearish phase given global economic concerns. Can Ethereum Break Through $1,600 For A New Bullish Trend? Over the past two months, Ethereum’s price has faced substantial headwinds, retracing approximately 67% from its all-time high of $4,878 reached four years ago. However, recent data indicates a slight recovery, with ETH gaining 9% on a weekly basis and currently trading above the key psychological support level of $1,500. Despite this rebound, trading volumes have dipped to around $12 billion in the past 24 hours, which suggests some caution among investors. Related Reading Carl Moon, a cryptocurrency analyst, recently shared insights on social media platform X (formerly Twitter), suggesting that Ethereum is attempting to break out of a descending price channel. He noted, “If there’s enough volume, $ETH might reach $3,000 in the coming days.” In Moon’s analysis, the $1,500 mark serves as a critical short-term resistance level, while the $1,600 barrier looms as the next significant obstacle that must be overcome for a sustained bullish trend to emerge. ETH’s attempt to break out from the 1-day chart’s descending price channel. Source: CarlMoon on X As long as ETH maintains its current position around $1,585 and buying pressure continues, a bullish scenario could unfold, preventing a drop back towards the yearly low of $1,380 reached just last week. Ascending Triangle Pattern May Lead To Key Support Retest Adding to the bullish sentiment, market expert Captain Faibik has also indicated in a social media update that the Ethereum price appears to have bottomed out and is poised for a strong rebound. Faibik projects that ETH could reach the crucial resistance level of $2,150 in the coming days if it successfully breaks out of a broadening wedge pattern, which could signal the beginning of a new bull run for the asset. Related Reading Despite these optimistic analyses, challenges remain for Ethereum. Bullish catalysts are currently lacking, and there is no clear direction for the altcoin. Ali Martinez, has pointed out that Ethereum is breaking out of an ascending triangle on the hourly chart. This pattern could lead to a potential retest of the $1,500 support level in the near term. If this support holds, it would signal a short-term victory for bulls betting on a renewed bullish trend for Ethereum. The daily chart shows ETH’s consolidation above the $1,500 support. Source: ETHUSDT on TradingView.com Featured image from DALL-E, chart from TradingView.com
Ethereum Make-Or-Break Moment: This Key Level Determines Path To Reach $7,000
Este artículo también está disponible en español. Despite Ethereum (ETH) recently losing the critical $3,000 threshold due to broader cryptocurrency market corrections influenced by escalating regulatory tensions between the US and China, optimism for the leading altcoin persists. As of now, Ethereum has rebounded nearly 10%, trading just above $2,800, which places it above key support levels that could pave the way for new record highs in this bullish cycle. Critical $2,700 Level: Key For ETH’s Bullish Structure Throughout this market cycle, Ethereum has struggled compared to its peers. With a year-to-date (YTD) increase of only 21%, it has significantly lagged behind other cryptocurrencies like Solana (SOL) and XRP, which have recorded impressive gains of 120% and 420%, respectively. Despite this, crypto analyst Ali Martinez has pointed out that Ethereum must maintain the $2,750 support level to establish a foundation for a potential surge to $6,760. In another analysis, Martinez noted that if Ethereum forms a head-and-shoulders pattern—a common technical chart pattern—the altcoin needs to stay above $2,700 to preserve its bullish structure, with a target of reaching $7,000. This indicates that the $2,700 level is pivotal for Ethereum’s potential to achieve a new record high, suggesting a possible 150% increase if these scenarios materialize. Another analyst, known as Morecryptoonl, cautioned that the market lacks substantial structure at present, indicating that a break above the recent local low of $2,909 would signify a more stable price environment. He emphasized the importance of maintaining support above $2,236 for a more robust recovery. Trump Family Backs Ethereum Adding to the optimism, the Trump family has shown notable support for Ethereum. World Liberty Financial (WLFI) recently purchased an additional 1,826 ETH, amounting to approximately $5 million. According to Lookonchain data, with a total investment of 61,114 ETH for $205 million at an average price of $3,354, WLFI has sustained a loss of about $31 million on this position. Moreover, Trump’s crypto venture also transferred significant amounts of various cryptocurrencies, including 86,296 ETH ($235 million) and 647 WBTC ($65.5 million), to Coinbase Prime, indicating a strategic positioning within the crypto market. Further bolstering Ethereum’s prospects, recent ETF flows reveal a noteworthy trend: while approximately 2,400 BTC were sold on February 3, ETH exchange-traded funds (ETFs) saw net inflows of $83.6 million. This contrasts sharply with the $234.4 million in net outflows from Bitcoin ETFs, suggesting that institutional investors are increasingly confident in Ethereum’s future, despite recent price corrections. The daily chart shows ETH’s price volatility. Source: ETHUSDT on TradingView.com Trading at $2,819, ETH is down as much as 21% on a monthly basis, with a 42% gap to its all-time high of $4,878 reached during the 2021 bull run. Featured image from DALL-E, chart from TradingView.com Source link
Justin Sun’s Grand Strategy For Ethereum Price: $10,000 Target
Este artículo también está disponible en español. As the Ethereum price lingers below its all-time highs (ATHs), TRON founder Justin Sun has emerged with a bold vision aimed at revitalizing the altcoin’s value. Sun’s Vision For The Ethereum Price In a recent social post on X (formerly Twitter), Sun proposed a plan that he believes could propel the Ethereum price to unprecedented heights, targeting a price of $10,000. Sun’s strategy hinges on a radical overhaul of the Ethereum Foundation (EF) and the Ethereum protocol itself. Related Reading The TRON founder asserts that under his leadership, immediate and decisive actions could almost double the current price peak for ETH. One of his primary proposals is to halt the sale of ETH for a minimum of three years. By doing so, Sun aims to stabilize the currency’s supply and bolster market confidence. To cover operational costs during this period, Sun suggests leveraging Aave (AAVE) lending, staking yields, and stablecoin borrowing, thereby ensuring that the ETH supply remains intact while aligning with deflationary goals. In addition to halting sales, Sun proposes imposing significant taxes on Layer 2 (L2) projects. He believes this move could generate at least $5 billion annually for Ethereum, either in stablecoins or tokens. The revenue from these taxes would be utilized to repurchase and burn ETH in a decentralized manner, further enhancing scarcity and potentially driving up demand. Major Staff Cuts To Transform Ethereum Foundation Into Meritocracy In his social media post, Sun also emphasized the need to streamline operations within the Ethereum Foundation. He suggests a significant reduction in staff, retaining only the most capable team members. Those who remain would receive substantial salary increases, transitioning the Ethereum Foundation into a merit-based organization that rewards high performance. Furthermore, the TRON founder calls for adjustments in node rewards and a stronger focus on fee-burning mechanisms. By reducing node rewards, Sun believes Ethereum can solidify its deflationary status, reinforcing its position as a store of value. Related Reading The focus, according to Sun, would shift exclusively toward Layer 1 (L1) development, prioritizing scalability, security, and broader adoption. Sun is confident that these initiatives could lead the Ethereum price to surpass $4,500 within the first week of implementation, laying the groundwork for long-term success. While this only represents Sun’s vision for the Ethereum price, any of these proposals, if viable for driving another leg up of the altcoin, could ultimately be adopted by the co-founders or the developers of the platform. The 1D chart shows ETH’s price trending downwards. Source: ETHUSDT on TradingView.com As of this writing, the Ethereum price hovers around the $3,200 mark, reflecting a loss of 4% over the past 24 hours. This decline has widened the gap between the current price and its ATH of $4,878, representing a difference of 34.5%. Featured image from DALL-E, chart from TradingView.com Source link