Ethereum News: Key Levels to Watch as ETH Forms Bullish W-Pattern
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Ethereum (ETH) is currently showing signs of a potential trend reversal, forming a bullish W-pattern on the weekly chart. This technical formation suggests significant upside potential for the cryptocurrency. ETH is holding above the critical support level of $2,947, which acts as the neckline of this pattern. A breakout above this resistance could confirm the bullish trend, with price targets set at $4,103, $4,788, and $5,568. Traders and investors are closely monitoring these levels to gauge Ethereum's future trajectory.
Ethereum’s next price move – Here are the key levels to watch!
Ethereum (ETH) is currently forming a bullish W-pattern on the weekly chart, indicating a potential trend reversal and significant upside. The altcoin is holding above the critical $2,947 support level, which serves as the neckline of this formation. This support zone is crucial for determining Ethereum’s future trajectory, with price targets set at $4,103, $4,788, and $5,568. A breakout above the neckline resistance would confirm the bullish trend, paving the way for substantial gains. The market Value to Realized Value (MVRV) ratio also highlights Ethereum's fair valuation, underscoring its resilience in the current market.
CryptoPunks Dominate NFT Market with Top Weekly Sales, Led by $560K Sale
The NFT sector has shown remarkable activity this week, with CryptoPunks leading the market by securing all of the top ten sales in the past seven days. This highlights the growing appeal of CryptoPunks as a leading NFT collection. According to Phoenix Group, CryptoPunk #5402 was the highest sale, fetching $560.17K (170 ETH). The on-chain analytics provider shared this information on social media, emphasizing the surging position of CryptoPunks in the NFT market.
Top Ethereum Burner DeFi Projects: Uniswap Leads the Pack
The Ethereum ecosystem has seen significant activity from decentralized finance (DeFi) projects, with a total of 7,024 ETH burned over the past seven days, equivalent to $22.4 million. Uniswap, the leading decentralized exchange (DEX), burned 741.5 ETH, valued at $2.4 million, making it the top ETH burner. Other notable platforms contributing to the ETH burn include 1inch, Metamask, and Gnosis. This activity highlights the ongoing engagement and high trading volumes within the Ethereum DeFi space.
Ethereum’s Q1 2025 Outlook – Is ETH at Risk of Being Left Behind?
Ethereum has historically performed well in the first quarter, with returns often doubling or tripling. For instance, in 2023, ETH ROSE by 54%, reaching $1,800 by the end of Q1. The standout year was 2021, when ETH surged by 160% to $1,920 in just three months. However, recent trends show a slowdown in growth, with ETH currently 20% off its peak of $4,015 from the previous rally. The upcoming week will test Ethereum's historical bullish performance in Q1, raising questions about its ability to maintain its momentum amidst slowing growth.
