Ethereum, the second-largest asset by market cap, has once again surpassed the $2,000 mark, invigorating the altcoin market. However, traders are questioning what lies ahead for ETH's price movement.
Recent Developments in Ethereum
Vitalik Buterin and Justin Sun have made recent headlines in the crypto community. Buterin reportedly sold various assets to acquire 71.697 ETH, hinting at a potential major crypto event. Concurrently, Justin Sun staked 60,000 ETH on Lido, accruing 1,740 Ethereum annually.
ETH Price Chart Analysis
After a period of bearish pressure, ETH's price has reclaimed a significant level. However, an inverted flag pattern on the daily chart suggests the potential for a reversal. The MACD indicator shows a stable rise, while the 12 & 26-day EMA indicates convergence, suggesting potential upward momentum if the market avoids a bear trap.
Trends and Forecasts for ETH
Amid ongoing market volatility, the Ether ETF showed negative flow for 10 successive days. However, reclaiming the $2,000 mark could reverse this trend by week's end. Sustained bullish momentum may see ETH testing its resistance at $2,200, targeting $2,573. Conversely, continued selling pressure could bring ETH back to $1,950.
Ethereum continues to capture the attention of analysts and investors alike, despite existing risks. The outcome of market events will dictate the future goals of this major altcoin.
