Ethereum Price Forecast: ETH eyes $4,300 as community backs Danny Ryan to lead foundation

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

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.