Ethereum Price To $1400? Wedge Pattern Sets ETH Price For A Major Correction

Over the past two weeks, the Ethereum price has consolidated in a narrow range reflecting the lack of conviction from buyers and sellers. However, in the bigger picture, the coin price shows the formation of a famous bear continuation pattern a rising wedge.

Timeline of Ethereum

In a striking setback for Ethereum, the second largest cryptocurrency by market capitalization, the token has slumped below the significant price point of $1,800. This development is particularly disappointing to investors who were anticipating a substantial recovery in the near future.

Binance NFT, a prominent player in the non-fungible token (NFT) market, has announced the launch of a new feature, Binance NFT Loan. The service, set to go live at 11:00 (UTC) on May 26, 2023, will enable NFT owners to secure Ethereum (ETH) loans using their NFTs as collateral.

Ethereum Price Analysis: In the midst of growing uncertainty within the cryptocurrency market, a short support trendline protected the Ethereum price from excessive downfall. The coin price bounced thrice from the rising trendline in the last two weeks, indicating the buyers were buying at minor dips to reclaim lost ground.

Ethereum started the week with a promising performance, experiencing a gain of over 3%. However, the bullish momentum was short-lived as the altcoin failed to sustain its position above a key resistance level.

During the EDCON 2023 conference, Vitalik Buterin called the The Internet Computernetwork Ethereum's sister network refuting competition claims. In the world of blockchain technology and crypto, Ethereum has emerged as a prominent player, revolutionizing the way we think about decentralized applications and smart contracts.

The Ethereum (ETH) network has reached a significant milestone following the highly-anticipated Shanghai upgrade, as staking activity soars to new heights. According to crypto analytics platform Cryptorank, the Ethereum deposit contract balance has exceeded $40 billion, with users depositing over 4.4 million ETH since April 12 (the date of the Shanghai upgrade launch).

In the ever-evolving landscape of crypto and blockchain technology, there are few names that stand out as prominently as Vitalik Buterin. As the co-founder of Ethereum, Buterin has been instrumental in shaping the future of decentralized applications and smart contracts.

Following the Shapella update, which allowed Ethereum users to withdraw coins previously put into staking, liquid staking platforms such as Lido, Frax and Rocket Pool increased their market share to hold 46% of all ETH deposited on the Beacon Chain.

Ethereum, one of the leading cryptocurrencies, faces resistance as it moves lower from the $1,880 level. This article explores the latest price action of Ethereum (ETH) against the US dollar (USD) and examines the potential scenarios that could unfold in the near future.

Ethereum (ETH) holders are on a downward movement while the total number of staked ETH in the ETH 2.0 contract constantly rising since the Shanghai/Shapella upgrade earlier this year in March.