Ethereum (ETH) is on the cusp of a significant breakout, with the digital asset reclaiming a crucial support level between $1,700 and $1,780.
Notably, during this critical level’s reclaiming process, an impressive 1.41 million addresses bought 6.48 million ETH, indicating a growing interest in the asset. Furthermore, this support level’s successful reclaiming marks an important milestone for ETH, as it has provided a crucial base and cleared the path for further upside potential.
Ethereum price resistance levels. Source: IntoTheBlock’s
In summary, the current market trends suggest that ETH is primed for a significant surge in value. As Martinez noted, with a solid base established and no considerable resistance ahead, the asset’s upward trajectory is ‘poised to break out.’
Ethereum price analysis
Currently, Ethereum is changing hands at $1,818, up 5.21% in the last 24 hours and 1.47% across the previous week, with a total market capitalization of $222 billion.Currently, Ethereum is changing hands at $1,818, up 5.21% in the last 24 hours and 1.47% across the previous week, with a total market capitalization of $222 billion.
Ethereum 1-day price chart. Source: Finbold
Ethereum 1-day price gauges. Source: TradingView
The EIP-4895 standard will be added to the Ethereum network after the whole of the Shapella update has been implemented. This EIP will make it possible, for the first first time, to withdraw ether that has been staked. In addition, Shapella has made various modifications to its network to reduce the transaction costs associated with certain activities.
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