In reviewing the present Ethereum chart, a noteworthy trend emerges as ETH consistently upholds a strong position above the 100-day Exponential Moving Average (EMA), represented by the orange line. This particular EMA is a crucial indicator reflecting the prevailing long-term market sentiment. The consistent maintenance of this positive posture, coupled with recent signs of supply deflation, fortifies a robust foundation conducive to a prospective growth scenario.
Following a period of substantial consolidation, there's a compelling case for a bullish stance on Ethereum. The observed supply deflation enhances the overall market outlook, fostering optimism among traders. Considering these factors, I posit a bullish recommendation for Ethereum with a target price set at $2480.
The anticipated price target aligns with the positive market sentiment, and the observed cut in supply further supports an optimistic outlook. Currently trading at $2344, Ethereum exhibits potential for an upward trajectory, making it an opportune time for investors to consider bullish positions in anticipation of the projected growth scenario.
Following a period of substantial consolidation, there's a compelling case for a bullish stance on Ethereum. The observed supply deflation enhances the overall market outlook, fostering optimism among traders. Considering these factors, I posit a bullish recommendation for Ethereum with a target price set at $2480.
The anticipated price target aligns with the positive market sentiment, and the observed cut in supply further supports an optimistic outlook. Currently trading at $2344, Ethereum exhibits potential for an upward trajectory, making it an opportune time for investors to consider bullish positions in anticipation of the projected growth scenario.