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In a bold move that has captured the attention of the cryptocurrency community, Glassnode cofounders Jan Happel and Yann Allemann, known collectively as Negentropic on social media platform X (formerly Twitter), have set an&nbsp;<a href="https://x.com/Negentropic_/status/1737775133534597559?s=20">ambitious target</a> for Ethereum (ETH).
The cofounders have identified a key support level at $2.1K, once a formidable resistance, now transformed into a critical zone for the cryptocurrency's short-term rebound. In a recent tweet, they highlighted Ethereum's resilience on the market, emphasizing the significance of the current support level.
<blockquote>
 📈 <a href="https://twitter.com/hashtag/ETH?src=hash&amp;ref_src=twsrc%5Etfw">#ETH</a> Update: Ethereum resilient in Tuesday's market, targeting crucial $2.1k support – once a resistance, now a key zone.Where is the rebound?🔄 Ascending Triangle Dynamics: $2.1k critical for short-term rebounds; breach may activate 50-Day EMA. 🚀 What's next?Eyes on… <a href="https://t.co/NR523rw7yk">pic.twitter.com/NR523rw7yk</a>— 𝗡𝗲𝗴𝗲𝗻𝘁𝗿𝗼𝗽𝗶𝗰 (@Negentropic_) <a href="https://twitter.com/Negentropic_/status/1737775133534597559?ref_src=twsrc%5Etfw">December 21, 2023</a>
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According to their analysis, breaching this level may activate the 50-Day Exponential Moving Average (EMA), potentially signaling a shift in market dynamics. The cofounders pointed to the presence of an ascending triangle pattern, suggesting that $2.1K is crucial for short-term rebounds, and the breach could pave the way for further gains.
<h2 dir="ltr" id="ethereum-s-next-move">Ethereum's next move</h2>
As of the latest&nbsp;<a href="https://coinmarketcap.com/currencies/ethereum/">market data</a>, Ethereum is currently trading at $2,247, reflecting a 1.81% increase in the last 24 hours. Notably, the trading volume for ETH has surged to $13.51 billion, marking a substantial 33.52% uptick over the same period.
The cryptocurrency market has been closely monitoring Ethereum's movements, given its position as a leading blockchain platform and the second-largest cryptocurrency by market capitalization. The Glassnode cofounders' predictions have sparked increased interest and discussion within the crypto community, with traders and enthusiasts eagerly anticipating the outcome of this&nbsp;<a href="https://u.today/ethereum-eth-tests-major-breakout-zone-analyst-anticipates-3500-target">potential bullish trend</a>.
Their tweet not only underscores the technical analysis of Ethereum's price action but also reveals broader market sentiment and enthusiasm. The cofounders have set their sights on the formidable $2.5K target, further fueled by the prevailing optimism on the cryptocurrency market.
If successful, this ambitious push could pave the way for Ethereum to ascend to $2.7K, marking a significant milestone for the digital asset. Traders and investors are keeping a keen eye on whether the cryptocurrency can&nbsp;<a href="https://u.today/i-shorted-eth-on-friday-seasoned-trader-peter-brandt-admits-expecting-650-per-eth-soon">break through</a> the resistance-turned-support and sustain the upward momentum.

Glassnode Cofounders Set $2.5K Target for Ethereum's Ambitious Push

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