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Here is what’s happening on Ethereum?
- Development activity: Insights from Santiment suggest Ethereum tops the list of most active development activity.
- Ethereum L2 dApps are 17% down: Decentralized applications (DApp) on the Ethereum network have surfered a 19% drop in activity over the last few days.
- Ethereum L2s that are not past Stage 0: Vitalik Buterin wont call the shots for Ethereum Layer 2s that haven’t met Stage 1 requirements.
This is what could happen to ETH in the upcoming days:
- Bullish Theory: A push past $2,553, which is the 50-day SMA, could invite a bullish boost to $2,850.
- Bearish Theory: This week’s 3.14% gains versus last week have placed ETH’s price on the critical support line where a small weakness may invite a plunge to $2,000.
Related: Ethereum Hits Record Low, and VanEck Shuts Down Ethereum ETF
Santiment recently tracked ecosystem development data across some of the leading blockchain networks and discovered Ethereum, BNB and Polygon were leading in terms of development activity.
Ether’s been hitting the snooze button everytime it almost crosses $2,450 for over two weeks now.
Meanwhile, Ethereum’s DApp activity took a 17% nosedive, which isn’t exactly inspiring confidence—especially for the layer-2 squad.
This has made traders bite their nails, wondering if the $2,250 support level is about to tap out like a wrestler in the third round.
Meanwhile, the drop in dApp activity comes after Ethereum founder Vitallik Buterin issued strong remarks not to support Layer 2 networks below Stage 1 standards. Despite that, at the Token49 Conference he stated that we are yet to see the true impact of what crypto can do.
Ethereum Price Prediction
The uptrend line is like the last piece of duct tape holding your favorite chair together. If it breaks, brace yourself because the ETH/USDT pair might go tumbling down to $2,111 — and if things get really wild, it could crash all the way to $2,000.
On the flip side, if the bulls manage to shove the price above the 50-day SMA ($2,553), it’s a clear sign the bears are dropping the ball.
The pair could throw a party all the way up to $2,850. But, before popping the champagne, buyers will need to clear that level to show they mean business and are ready for a trend reversal.
Fractal Indicator Ether Price Prediction
A favorable technical setup is emerging for the altcoin, with a bullish fractal nearing its completion.
In technical analysis, a fractal is a recurring pattern that helps traders spot potential trend reversals. Ethereum is currently displaying a bullish fractal, first observed in 2021.
This pattern involved a steep drop from point I to II, where II marked the fractal’s low. The price then rebounded from II to III, reaching the key Fibonacci retracement zone of 0.5-0.618, also known as the golden zone.
IV marks a higher low compared to II, while V forms a lower high relative to III. Finally, VI creates an equal low with IV, triggering a liquidity sweep and concluding the fractal with a bullish breakout.
In 2024, the same fractal pattern emerged in Q2, adhering closely to the five-point setup and bullish exit after VI. A sharp price correction was followed by a rebound to the “golden zone,” forming higher lows and lower highs. Now, the pattern is resurfacing.
Richard Adrian
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