Co-founders of Glassnode Jan Happel and Yann Allemann, jointly known as Negentropic on the social media site X (previously Twitter), have set an ambitious goal for Ethereum (ETH) in a daring move that has drawn attention from the cryptocurrency world.
The co-founders have located a crucial support level at $2.1K, which was formerly a strong barrier but has since changed into a crucial area for the cryptocurrency’s immediate recovery. They emphasised the importance of the present support level and Ethereum’s market resiliency in a recent tweet.
https://x.com/Negentropic_/status/1737775133534597559?s=20
Their study suggests that breaking over this level might cause the 50-Day Exponential Moving Average (EMA) to become active, which could indicate a change in the dynamics of the market. The co-founders indicated that an ascending triangular pattern was present, indicating that $2.1K is important for quick rallies and that the breach may open the door for more gains.
Ethereum’s Next Move
Ethereum is presently selling at $2,247 according to the most recent market data, up 1.81% over the previous day. Interestingly, ETH trade volume has increased to $13.51 billion, a significant 33.52% increase during the same period.
Given that Ethereum is the second-largest cryptocurrency by market capitalization and a prominent blockchain platform, the cryptocurrency market has been keenly observing its moves. The co-founders of Glassnode have generated a lot of interest and conversation in the cryptocurrency world as a result of their forecasts, and traders and enthusiasts are looking forward to seeing how this possible bullish trend plays out.
Their tweet highlights not just the technical analysis of Ethereum’s price movement but also the general mood and excitement of the market. Encouraged by the general confidence in the cryptocurrency market, the co-founders have set their eyes on a challenging $2.5K aim.
This aggressive campaign, if successful, would enable Ethereum to reach $2.7K, which would be a major milestone for the cryptocurrency. Investors and traders are closely monitoring the cryptocurrency’s ability to overcome the barrier that has converted into support and maintain its upward trajectory.
