In a noteworthy move, Glassnode cofounders Jan Happel and Yann Allemann, collectively known as Negentropic on social media, have set a bold price target for Ethereum (ETH). The cofounders identified a key support level at $2.1K, once a formidable resistance, now transformed into a critical zone for Ethereum’s short-term rebound.
Their analysis highlights Ethereum’s resilience in the market, emphasizing the significance of the $2.1K support level. According to them, breaching this level may activate the 50-Day Exponential Moving Average (EMA), signaling a potential 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 a breach could pave the way for further gains.
As of the latest data, Ethereum is trading at $2,247, with a 1.81% increase in the last 24 hours and a significant uptick in trading volume. The 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’ bold predictions have sparked increased interest and discussion within the crypto community, with traders and enthusiasts eagerly anticipating the outcome. Their tweet not only underscores the technical analysis of Ethereum’s price action but also reveals broader market sentiment and enthusiasm.
The $2.5K target set by the Glassnode cofounders, fueled by prevailing optimism in the cryptocurrency market, could potentially pave the way for Ethereum to ascend to $2.7K. Traders and investors are closely watching whether Ethereum can breach the resistance-turned-support and sustain upward momentum.
