- Ethereum price could break out and rally towards $3,000 as analysts identify a pennant breakout.
- GameStop, the world’s largest game retailer, has launched a non-custodial Ethereum wallet for its upcoming NFT marketplace.
- Analysts argue that upcoming Ethereum Merge is a bullish catalyst, as ETH tokens will be unlocked slowly.
Ethereum price has been dropping for quite some time and has found its way to levels that were last seen almost ten months ago. This pressure is further exacerbated by the crumbling DeFi ecosystem that is starting to take a toll on ETH’s market value.
Ethereum price is on track to break out as a bullish pennant has appeared on the altcoin’s chart. GameStop’s non-custodial Ethereum wallet launch and the upcoming Merge have emerged as key catalysts for the biggest altcoin.
Also Read: Ethereum Merge could be delayed one more time, here’s why
Ethereum price heads toward a bullish breakout
Ethereum price could wipe out its losses and begin a recovery soon as analysts await the support of an ascending trend line. Crypto analysts at FXStreet believe that after consolidating in a pennant structure since mid-May, Ethereum is set to perform a bullish breakout with the support of an ascending trend line. Analysts have predicted a jump above $2,148.67 and set the target at $2,300.
Read more: Where Ethereum price will go as it prepares for a bullish breakout
The crypto market recently witnessed an industry-wide sell-off in response to the collapse of Terraform Labs’ sister tokens LUNA and UST. Since then, Ethereum and altcoins have entered a period of consolidation. Analysts at Glassnode have evaluated the return profile on both a short-term (monthly) and long-term (four years) basis for Ethereum.
Though demand for Ethereum has dried up significantly, Glassnode analysts argue that gas prices have been in a structural downtrend since December. With the exception of high-profile NFT mints like…
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