Ethereum (ETH) chart pattern indicates likely move to $1,500 target: Analyst ETH $ETH
He points to the fact that the monthly average of active ETH addresses had been rejected by the yearly average, indicating weak network fundamentals and reduced utilization.
As markets get ready for a crucial week of U.S. economic events, traders will also keep an eye out for macroeconomic announcements in addition to technical and fundamental factors. The announcement of nonfarm payrolls for April is scheduled for this coming Friday, and the Federal Reserve is anticipated to raise rates by 25 basis points on Wednesday.
Ethereum slipped at the start of May start after climbing for four consecutive months through April. The cryptocurrency was down 3.16% and was trading at $1,844. Ethereum's 2023 recovery from last year's crypto market crash stalled at highs of $2,140 on April 16 as traders awaited further catalysts. The rise that gained momentum in March was stimulated by anticipation of the Shapella upgrade, which went live on April 12.
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