Ethereum News: Potential Short-Term Bullish Breakout Predicted

A leading crypto expert has offered a glimpse of hope for Ethereum investors amidst the ongoing market downturn. Here’s what you need to know.

Ethereum’s Price Next Move: Potential Bullish Breakout

Ethereum’s price has been under significant downside pressure due to market downswing caused by recent negative macroeconomic conditions. However, a crypto expert predicts a transition from bearish to bullish price behavior for ETH, hinting at a potential rebound in the short term. Technical expert Jonathan Carter points to a bullish formation in the 1-day time frame chart, suggesting a potential upsurge to key resistance levels as Ethereum eyes a notable price reversal from its current downward trend.

CZ Zhao Acknowledges Vitalik Buterin’s Pivotal Role in Crypto Evolution

CZ Zhao, the former Binance CEO, acknowledged Vitalik Buterin’s vital contribution to the growth of the cryptocurrency industry. Zhao made the comments in response to a post highlighting key people who influenced the crypto space. He attributed the wide scale of the blockchain industry to Buterin, crediting him for the invention of smart contracts by Ethereum’s inception, which are crucial for decentralized applications and platforms. Buterin is also credited with devising the ERC-20 token standard, enabling the launch of thousands of altcoins.

Ethereum (ETH) Trades in Undervalued Zone After Whale Activity

Ethereum (ETH) has been trading around the $2,200 range after recently dipping below $2,000. Based on its historical performance, ETH is currently showing signs of being undervalued. Whales have been actively managing their positions over the past three months, strategically rolling over their holdings to avoid selling NEAR local tops. This has contributed to the recent price weakness of ETH. However, whales have been trying to reabsorb ETH at lower prices, achieving a generally lower average. Holders who originally accumulated ETH at $3,500 were the first to distribute their coins, and then returned to buy more around the $2,500 range. Buyers who first accumulated ETH at $3,500 used active selling and re-buying strategies to decrease their cost basis to $3,200.

Ethereum (ETH) Recovers 6%, But Bears Still Hold Control

Ethereum has recovered 6%, but key indicators such as the RSI and DMI suggest it is at a pivotal point. Bearish momentum is weakening, but not entirely gone. If bullish pressure continues, ETH could break above key resistance levels and potentially aim for $3,000 in the coming weeks. The current RSI level of 48.9 indicates a neutral stance, positioning Ethereum at a key inflection point.