In a bold move that has captured the attention of the cryptocurrency community, Glassnode co-founders Jan Happel and Yann Allemann, known collectively as Negentropic on the social media platform X (formerly Twitter), have set an ambitious target for Ethereum (ETH).
The co-founders 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 in the market, emphasizing the significance of the current support level.
📈 #ETH Update: Ethereum resilient in Tuesday’s market, targeting crucial $2.1k support – once a resistance, now a key zone.
Where is the rebound?
🔄 Ascending Triangle Dynamics: $2.1k critical for short-term rebounds; breach may activate 50-Day EMA. 🚀What’s next?
Eyes on… pic.twitter.com/NR523rw7yk— 𝗡𝗲𝗴𝗲𝗻𝘁𝗿𝗼𝗽𝗶𝗰 (@Negentropic_) December 21, 2023
According to their analysis, breaching this level may activate the 50-Day Exponential Moving Average (EMA), potentially signaling a shift in market dynamics. The co-founders 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 co-founders’ 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 a broader market sentiment and enthusiasm. The co-founders have set their sights on a formidable $2.5K target, further fueled by the prevailing optimism in 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.
