Glassnode Founders Highlight Ethereum’s Critical Support Level
In a bold move that caught the attention of the cryptocurrency community, Glassnode founders Jan Happel and Jan Allemann, collectively known as Negentropic, identified a target for Ethereum (ETH) on the former social media platform X (previously Twitter).
The founders identified a key support level at $2,100, which was previously a significant resistance level but has now transformed into a critical area for the short-term recovery of the cryptocurrency. In a recent tweet, they emphasized Ethereum’s market flexibility, with a focus on the importance of the current support level.
According to their analysis, a breakthrough at this level could activate the 50-day Exponential Moving Average (EMA), indicating a shift in market dynamics. The founders pointed out the presence of an ascending triangle pattern, suggesting that the $2,100 price is crucial for a short-term bounceback and could pave the way for further gains.
The Next Step for Ethereum
Currently trading at $2,247, Ethereum has seen a 1.81% increase in the past 24 hours. It is worth noting that the trading volume of ETH has risen to $13.51 billion, representing a significant 33.52% increase during the same period.
Glassnode’s founders’ expectations have sparked increased interest and discussion within the cryptocurrency community, as traders and enthusiasts eagerly await the outcome. Ethereum’s movements are closely monitored in the cryptocurrency market due to its status as a leading blockchain platform and the second-largest cryptocurrency by market capitalization.
Their tweets not only confirm the technical analysis of Ethereum’s price movements but also reveal the broader market sentiment and enthusiasm. The founders have their sights set on the ambitious target of $2,500, buoyed by the prevailing optimism in the cryptocurrency market.
READ MORE "Ethereum (ETH) Approaches Key Breakout Level, Analyst Predicts Potential Upside"
If successful, this ambitious push could pave the way for Ethereum to rise to $2,700, a significant milestone for the digital asset. Traders and investors closely watch whether the cryptocurrency can break through the resistance turned support level and maintain its upward momentum.
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