The grand blueprint for Ethereum's journey toward a 'planetary-level' ecosystem is gradually unfolding, with the breakthrough of trend lines becoming a decisive factor for its short-term price movement.
To seize the golden opportunity to achieve 'planetary-scale' for Ethereum, the Ethereum Foundation is strategically reorganizing the Protocol team and has clarified three core focus areas for the next 12 months: advancing Layer 1 performance expansion, deepening blob functionality to enhance data availability (DA), and working to improve user experience (UX).
In terms of market performance, Ethereum's price showed an upward trend on Tuesday, with a daily increase of nearly 3%. During intraday trading, the price briefly retraced to the $2475 range, and subsequently came under pressure after touching the resistance level formed by the upward trend line since May 18. From a technical analysis perspective, for Ethereum to further open up upward space, it needs to successfully break through this trend line resistance and convert it into effective support. Only then will it have the opportunity to challenge the key price range of $2750 - $2850.
On the downside risk level, around $2450 is an important support line for Ethereum, and the 100-period SMA below will also provide dynamic support. If these supports are broken, the historical high demand zone around $2250 is expected to become the last barrier to prevent continued price decline.
Observing the technical indicators, the Relative Strength Index (RSI), Stochastic Oscillator (Stoch), and MACD indicators are all at a neutral to slightly positive level, indicating that the current market sentiment is relatively bullish, with bullish forces in control.
Disclaimer: The content of this article is for information sharing only and does not constitute investment advice. The cryptocurrency market is highly risky and volatile; investment decisions should be made with caution.