Ethereum Price Hinges on Weekly Close Above $2,550 Amid US PPI Forecasts
Ethereum's price has been hovering around $2,466.54 after experiencing a 0.9% decline over the past 24 hours, according to CoinGecko data.
The market is awaiting the U.S. Producer Price Index (PPI) report, which is expected to be released at 8:30 a.m. ET and has set the projected figure at 5.3%. This event may have a significant impact on Ethereum's price movement.
Ted Pillows' analysis suggests that Ethereum needs to close above $2,550 in order to support another upward leg. If this level is breached, it could lead to a further increase in price, potentially reaching the next major resistance near $2,800. However, if the market fails to break through this barrier, it may trigger a sharp decline.
Additionally, Trader Tardigrade has identified a busted ascending triangle on the monthly Ethereum chart, which has been developing for nearly five years. This formation is characterized as a powerful bullish reversal pattern and could lead to a rapid upward move, potentially targeting $25,000 in price.