Ethereum price today: $3,240

  • Ethereum community members showed support for Danny Ryan to lead the Ethereum Foundation with an over $160 million signal.
  • Ethereum ETFs recorded a net outflow of $4.70 million.
  • Ethereum needs to clear a falling wedge resistance to spark a potential rally to $4,300.

Ethereum (ETH) is up 3% on Thursday as it looks to spark a rally to $4,300 if it overcomes the resistance of a falling wedge pattern. The recent price growth follows community members showing support for researcher Danny Ryan to become the Ethereum Foundation's executive director.

Ethereum community backs Danny Ryan to lead its Foundation

In an informal poll conducted at votedannyryan.com, several community members voted for former Ethereum researcher Danny Ryan, who spearheaded Ethereum's transition to a Proof-of-Stake consensus mechanism, to lead the Ethereum Foundation (EF).

Since the website went live, 587 wallets holding over 51,000 ETH worth about $162 million have participated in the poll. What’s more, 99% of the wallets are showing support for Ryan.

The website allows users to connect their wallets and cast a gas-free yes/no for "Danny Ryan as the sole Executive Director of the Ethereum Foundation." Votes are weighted according to a wallet's ETH holdings.

Despite the poll's results, it does not officially impact decisions at the EF.

The vote follows recent criticisms of the EF's leadership structure and long-term goals, with many calling for the resignation of executive director Aya Miyaguchi.

Although Danny Ryan has previously expressed gratitude to the community for its support, he praised Aya's leadership, stating that she has played a "significant role" in Ethereum's success over the years.

Ethereum co-founder Vitalik Buterin has also condemned Aya's criticism and commended the efforts of other key EF researchers, including Justin Drake and Dankrad Feist.

Meanwhile, Ethereum exchange-traded funds (ETFs) recorded a net outflow of $4.70 million on Wednesday, per Coinglass data.

Ethereum Price Forecast: ETH could rally to $4,300 if it clears falling wedge resistance

Ethereum saw $34.26 million in futures liquidations in the past 24 hours, per Coinglass data. The total amount of liquidated long and short positions accounted for $8.74 million and $25.52 million, respectively.

ETH surged above the $3,200 level and could test the upper boundary resistance of a falling wedge pattern. If ETH smashes the falling wedge resistance and holds it as a support, it could rally over 30% toward the $4,300 zone. The target is obtained by measuring the height of the highest and lowest points of the wedge pattern and projecting it upward from a potential breakout level.

ETH/USDT daily chart

ETH/USDT daily chart

For such a move to materialize, ETH has to clear key resistance hurdles near $3,550, $3,770 and $4,100. A move that establishes these resistance levels as support could fuel the bullish momentum.

However, a rejection near the falling wedge resistance could send ETH back to the $3,000 psychological level if $3,200 fails to hold as a support.

The Relative Strength Index (RSI) and Stochastic Oscillator (Stoch) are testing their neutral level lines after crossing above their respective moving average and %D line. A move above the neutral level will strengthen the bullish momentum.

A daily candlestick close below $2,817 will invalidate the thesis.

Ethereum FAQs

Ethereum is a decentralized open-source blockchain with smart contracts functionality. Its native currency Ether (ETH), is the second-largest cryptocurrency and number one altcoin by market capitalization. The Ethereum network is tailored for building crypto solutions like decentralized finance (DeFi), GameFi, non-fungible tokens (NFTs), decentralized autonomous organizations (DAOs), etc.

Ethereum is a public decentralized blockchain technology, where developers can build and deploy applications that function without the need for a central authority. To make this easier, the network leverages the Solidity programming language and Ethereum virtual machine which helps developers create and launch applications with smart contract functionality.

Smart contracts are publicly verifiable codes that automates agreements between two or more parties. Basically, these codes self-execute encoded actions when predetermined conditions are met.

Staking is a process of earning yield on your idle crypto assets by locking them in a crypto protocol for a specified duration as a means of contributing to its security. Ethereum transitioned from a Proof-of-Work (PoW) to a Proof-of-Stake (PoS) consensus mechanism on September 15, 2022, in an event christened “The Merge.” The Merge was a key part of Ethereum's roadmap to achieve high-level scalability, decentralization and security while remaining sustainable. Unlike PoW, which requires the use of expensive hardware, PoS reduces the barrier of entry for validators by leveraging the use of crypto tokens as the core foundation of its consensus process.

Gas is the unit for measuring transaction fees that users pay for conducting transactions on Ethereum. During periods of network congestion, gas can be extremely high, causing validators to prioritize transactions based on their fees.


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