Physical Address
304 North Cardinal St.
Dorchester Center, MA 02124
Ethereum price is currently trading around a key range that could determine its short-term direction, as it is testing the $3,300-3,400 area after breaking out of an important technical pattern, which would strengthen upside prospects towards the $4,000 area if it remains stable above support.
On the 12-hour chart, analyst Merlijn The Trader noted that Ethereum price has broken out of a falling wedge pattern, which typically occurs at the end of a downtrend.
A double bottom pattern with a neckline at $3,300 has also formed, and the price has successfully overcome this pattern and is currently trying to consolidate above it.
There is also a positive crossover on the MACD indicator, which was previously associated with a bullish move.
Depending on this scenario, gains could extend to $3,900-$4,000 if stability persists, while he warned that losing this range could send prices back to around $3,000.
ETH is currently trading close to $3,300, with daily trading volume exceeding $26.5 billion, and despite a slight drop within 24 hours, it is up more than 6% on the week.
Lark Davis also noted that the ETH/BTC pair is retesting an eight-year downtrend line, a break above which could signal improved Ethereum’s strength relative to Bitcoin.
From a fundamental perspective, the amount of storage and pledges in Ethereum has reached a record high. Data from ValidatorQueue.com shows that more than 36 million ETH have been pledged, accounting for approximately 30% of the total supply.
This increase reduces supply on the market, which could add to upward pressure if demand remains strong.
Glassnode has also observed an increase in activity for new wallets on the Ethereum network over the past 30 days, suggesting that the entry of new users may be driven by storage, transactions, or use of applications built on the Ethereum network.
Also read:
For the first time in three months: Bitcoin Fear and Greed Index returns to greedy side
