1. Current price and market performance:
- Current price: $1,826.9.
- Daily change: Up 1.7% in the past 24 hours, trading between $1,788.47 and $1,841.95.
- Market capitalization: $220.56 billion, with a trading volume of $48.87 billion in the past 24 hours.
2. Short-term technical analysis:
- Support and resistance levels:
- Major support: $1,788 (daily low).
- Nearby resistance: $1,842 (daily high).
- Major resistance: $1,800 (recently broken, supporting the upward trend).
- Technical indicators:
- RSI (Relative Strength Index): Indicates exit from oversold areas, enhancing upward opportunities.
- Moving averages: The price is trading above both moving averages (MA50 and MA200), confirming the strength of the upward trend.
- Ascending 'pennant' pattern: *The formation of this pattern indicates the possibility of continued upward movement towards $3,879 in the event of a breakout above resistance.
3. Influential factors:
- Regulatory factors: Delays in the approval of Ethereum ETFs by the US Securities and Exchange Commission (SEC) may increase volatility.
- Technical developments: Upgrades to the Ethereum network such as 'sharding' to increase speed and scalability may enhance long-term confidence.
- Monetary policy: Expected interest rate cuts from the US Federal Reserve may support market liquidity.
4. Short-term and long-term forecasts:
- Q2 2025: Analysts' forecasts indicate a possibility of the price reaching $2,104 based on Elliott Wave analysis.
- 2030 and beyond: Price forecasts suggest a rise to $23,000–$24,700, with a potential to reach $40,000 by 2030.
5. Trading tips:
- Buying opportunities: A breakout above $1,800 is seen as a buy signal, with targets at $2,104.
- Risk management: Monitor support levels at $1,788, and avoid large positions if this level is broken.
- Profit-taking: It is recommended to set partial profit-taking points at $2,100–$2,300 to reduce exposure to volatility.
Summary:
Today, Ethereum shows bullish momentum supported by positive technical indicators, but volatility may remain high due to regulatory factors and profit-taking. Traders are advised to monitor the breakout above resistance at $1,842 and to use risk management strategies.
