What is Happening to Ethereum: ETH Next Target!

Unlike bitcoin, which is holding on to it’s gains and trading near it’s highs, ETH has corrected a bit and is now trading near $2700-$3000 levels.

It is forming wedge pattern . Falling Wedge usually results in a bullish breakout. When price breaks the upper trend line the price is expected to trend higher.

In this article, we will look at ETH price target along with technical indicators and news roundup.

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• Price: $2,740.24
• Market Capitalization: Approximately $318.44 billion
• 24-Hour Trading Volume: $6bn
• Circulating Supply: 120.5 million ETH
• Total Supply: Unlimited

Price is trading in a Falling Wedge pattern. We wait for a breakout. Meanwhile, price broke below 200-day Moving Average (200 SMA), which signals onset of Downtrend.

• 50-Week Simple Moving Average (SMA): Trending upward.
• 14-Week Relative Strength Index (RSI): Approaching 70.
• Trend: Short-term trend is Strong Down, Medium-term trend is Strong Down, Long-term trend is Neutral.
• Momentum: Price is neither overbought nor oversold currently.
• Support and Resistance: Nearest Support Zone is $2,400.00, then $2,100.00. Nearest Resistance Zone is $3,200.00, then $3,550.00.

• Potential for Ether to Reach Record Highs: Analysts predict that Ether could surpass its previous all-time high of $5,000 in the coming year.
• Increased On-Chain Activity Expected: Following a recent Federal Reserve interest rate cut, experts anticipate a surge in on-chain activity
• Historical Ethereum Heist Attributed to North Korean Hackers: South Korean police have confirmed that North Korean hackers were responsible for a 2019 Ethereum theft worth $41.5 million at the time.

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