Ethereum Breaks $3,300, Eyes $4,000 Target
Written by Ohris M. Greyoon, Blockchain & Crypto Expert
- Technical Breakthrough: Ethereum recently broke out of a falling wedge and formed a double bottom with a neckline at $3,300; if it can hold this level, it may propel the price towards the $3,900 to $4,000 range, indicating strong short-term bullish potential.
- Bullish MACD Indicator: A bullish crossover has appeared on the MACD indicator, and historically, similar crossovers have led to price increases; if Ethereum can maintain above $3,300, market sentiment will likely improve, potentially triggering more buying activity.
- Staking Supply Hits Record High: Ethereum staking has surpassed 36 million ETH, representing nearly 30% of the total supply, indicating validators' confidence in Ethereum's future; this reduction in circulating supply could support price stability.
- Increase in New Wallet Activity: Data shows a significant rise in new wallet addresses on the Ethereum network, indicating more first-time users are engaging with the network, likely due to staking, trading, or using Ethereum-based applications, reflecting growing interest in Ethereum.
About the author
Ohris M. Greyoon
Ohris M. Greyoon holds a Master’s in Computer Science from MIT and has 10 years of experience in blockchain technology and cryptocurrency markets. A pioneer in decentralized finance (DeFi) analysis, he leads Intellectia’s Crypto News, offering cutting-edge insights into digital assets.
