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Ethereum (ETH) is currently one of the most prominent cryptocurrencies, driven by its smart contract capabilities and decentralized finance (DeFi) ecosystem.
After establishing strong support at $3,000, ETH has witnessed a slight bullish trend, with analysts projecting the possibility of a “golden cross” that could push its price beyond $4,000
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ETH Next Target
- Current Price: $3,140
- Market Cap: $378 billion
- 24-Hour Trading Volume: $12.5 billion
- Circulating Supply: 120.4 million ETH
- Total Supply: Unlimited, with annual issuance capped at 18 million ETH due to the London Upgrade burning mechanism.
Price broke above $2,900 key level and 200-day moving average, which signaled bullish trend reversal.
We would be buying it on a pullback near $2,900 support with +20% upside potential to $3,550. The recent launch of ETH Spot ETFs could boost demand for ETH.
Weekly Price Analysis
- Weekly Range: $3,100–$3,200
- Trend: Neutral to slightly bullish, with resistance at $3,400.
- Trend: Short-term trend is Strong Up, Medium-term trend is Strong Up, Long-term trend is Neutral.
- Momentum is Bearish ( MACD Line crossed below MACD Signal Line) BELOW days ago. Price is neither overbought nor oversold currently.
- Support and Resistance: Nearest Support Zone is $2,900.00, then $2,620.00. Nearest Resistance Zone is $3,550.00, then $3,900.00.
Key Indicator Values
- RSI (Relative Strength Index): Neutral, hovering around 50.
- MACD (Moving Average Convergence Divergence): Positive momentum is building.
- 50-Day & 200-Day Moving Averages: Neutral, indicating potential range-bound movement.
News Roundup
- DeFi Growth: Ethereum’s decentralized applications (DApps) saw a 38% increase in usage this month.
- Institutional Activity: The rise of “smart money” interest in ETH is fueling speculation of a prolonged rally.
- Macro Developments: Grayscale’s reverse split of its Ethereum ETFs indicates institutional confidence.
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