1. Price action:
- Current price: ~$1,700–$1,800.
- Volatility: Ethereum often experiences volatility of ±3-5% within 24 hours, reacting to market news or Bitcoin movements.
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2. Influencing factors:
- Bitcoin (BTC): if Bitcoin moves strongly (up or down), Ethereum usually follows the same trend due to the strong correlation between the two currencies.
- Network news: any developments related to network upgrades (such as the previous "Merge" or new EIP upgrades).
- Economic factors: changes in US interest rates or macro market movements.
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3. Technical indicators:
- Moving averages: if the price is above the 50-day moving average (for example), it is considered a bullish signal.
- RSI (Relative Strength Index): if the RSI is above 70 (overbought) or below 30 (oversold).
- Support and resistance levels:
- Near support: $1,550–$1,600.
- Near resistance: $1,800–$1,850.
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4. On-chain data:
- Trading volume: increased volume may indicate heightened activity from buyers or sellers.
- Gas fees: lower fees may indicate reduced congestion on the network.
- Exchange supply: a decrease in ETH supply on exchanges may indicate a shift to long-term wallets (HODLing).
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5. Market sentiment:
- Fear and greed index: if the index indicates "fear," it may be a buying opportunity, and vice versa.
- Predictions: some analysts expect a move towards $2,000 if resistance at $1,850 is broken.
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6. Potential risks:
- Sharp volatility: ETH may be affected by unexpected news or regulatory changes.
- Competition from Layer-1 networks: such as Solana or Cardano may affect Ethereum's market share.
