1. Current price and immediate performance $ETH
- Current price: $2,589.
- Recent performance:
- Increase of 26.72% during the past week.
- Monthly increase of 39.88%.
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2. Key technical analysis
- Chart pattern:
- Formation of a bullish Pennant pattern on the daily chart, with the possibility of breaking resistance at $3,441.88, which could lead to a rise towards $3,879–4,790.
- A strong buy signal exists in the short term according to oscillators and moving averages.
- Support and resistance levels:
- Strong support: $2,740 (if the price drops, it may retreat to $2,374–1,085, but this scenario is currently unlikely).
- Major resistance: $3,441, then $3,879.
- Technical indicators:
- RSI: Above 56, indicating bullish momentum.
- MACD: In the positive zone, confirming the upward trend.
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3. Factors affecting the price today
1. Pectra Upgrade:
- The upgrade was activated on May 6, 2025, to improve network speed and reduce fees, but the direct impact on price has been limited so far due to competition from chains like Solana and BNB.
- Data shows a decline in transaction volume on the Ethereum network compared to competing networks (like Base and Arbitrum).
2. Demand for ETFs:
- Ethereum ETF fund flows remain weak compared to Bitcoin ($106 million weekly vs. $5 billion for Bitcoin).
3. Competition and regulatory pressures:
- Ethereum faces pressure from the SEC regarding its classification as securities, which may delay ETF approvals.
- Increasing popularity of competing currencies like Solana and BNB due to their speed and low cost.
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4. Short- and medium-term forecasts
- Q2 2025:
- If the $3,441 level is broken, ETH may target $3,879–4,790.
- Alternative scenario: Collapse to $2,374 if current support fails.
- End of 2025:
- Forecasts range from $4,048 (conservative) to $8,232 (optimistic).
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Summary
Today's Ethereum performance depends on the interaction of technical factors (like breaking the Pennant pattern) and fundamental factors (upgrades and regulation). While current indicators suggest bullish opportunities, regulatory risks and competition remain significant obstacles. Investors are advised to monitor support/resistance levels, ETF news, and technical upgrades.$ETH
