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In a bold move that has captured the attention of the cryptocurrency community, Glassnode cofounders Jan Happel and Yann Allemann, known collectively as Negentropic on social media platform X (formerly Twitter), have set an ambitious target for Ethereum (ETH).
The cofounders have identified a key support level at $2.1K, once a formidable resistance, now transformed into a critical zone for the cryptocurrency's short-term rebound. In a recent tweet, they highlighted Ethereum's resilience on the market, emphasizing the significance of the current support level.
According to their analysis, breaching this level may activate the 50-Day Exponential Moving Average (EMA), potentially signaling a shift in market dynamics. The cofounders pointed to the presence of an ascending triangle pattern, suggesting that $2.1K is crucial for short-term rebounds, and the breach could pave the way for further gains.
Ethereum's next move
As of the latest market data, Ethereum is currently trading at $2,247, reflecting a 1.81% increase in the last 24 hours. Notably, the trading volume for ETH has surged to $13.51 billion, marking a substantial 33.52% uptick over the same period.
The cryptocurrency market has been closely monitoring Ethereum's movements, given its position as a leading blockchain platform and the second-largest cryptocurrency by market capitalization. The Glassnode cofounders' predictions have sparked increased interest and discussion within the crypto community, with traders and enthusiasts eagerly anticipating the outcome of this potential bullish trend.
Their tweet not only underscores the technical analysis of Ethereum's price action but also reveals broader market sentiment and enthusiasm. The cofounders have set their sights on the formidable $2.5K target, further fueled by the prevailing optimism on the cryptocurrency market.
If successful, this ambitious push could pave the way for Ethereum to ascend to $2.7K, marking a significant milestone for the digital asset. Traders and investors are keeping a keen eye on whether the cryptocurrency can break through the resistance-turned-support and sustain the upward momentum.
Dan Burgin
Alex Dovbnya