|

Ethereum price must hold this critical point to reach $2,300

  • Ethereum price is trading inside an ascending broadening wedge pattern on the daily chart.
  • The digital asset must hold a critical support level for a breakout towards $2,300.
  • Ethereum miners have managed to crack Nvidia's mining protection unlocking its full power.

Ethereum faces weak resistance ahead of $1,800 but must stay above a crucial support level first. Meanwhile, Ethereum miners are extremely happy for the high gas fees but also because they have managed to unlock the full power of the new Nvidia RTX 3060 graphics cards.

Ethereum miners beat Nvidia 

The new Nvidia RTC 3060 graphic card was released last month. The company purposely limited its mining performance by 50%. However, it seems that miners have managed to bypass this limitation, unlocking its full performance power. 

The idea behind the 50% power reduction was to steer cryptocurrency miners away from purchasing all the cards annihilating the stock. Unfortunately for Nvidia, Ethereum miners managed to bypass this restriction using a beta driver.

A developer driver inadvertently included code used for internal development which removes the hash rate limiter on RTX 3060 in some configurations

Ethereum price aiming for new highs if it can stay above this key level

On the daily chart, Ethereum has been trading inside a broadening wedge pattern since the beginning of 2021. The 26-EMA served as a crucial support level for the most part and bulls are trying to hold it again.

eth price

ETH/USD daily chart

A rebound from the 26-EMA at $1,700 has the potential to push Ethereum price towards the last high of $1,944. A breakout above this point would drive the smart-contracts giant to an all-time high of $2,300. 

On the other hand, a breakdown below the key support level of $1,700 would quickly push Ethereum price down to the lower trendline of the pattern at $1,550. 

Author

Lorenzo Stroe

Lorenzo Stroe

Independent Analyst

Lorenzo is an experienced Technical Analyst and Content Writer who has been working in the cryptocurrency industry since 2012. He also has a passion for trading.

More from Lorenzo Stroe
Share:

Markets move fast. We move first.

Orange Juice Newsletter brings you expert driven insights - not headlines. Every day on your inbox.

By subscribing you agree to our Terms and conditions.

Editor's Picks

Ripple faces persistent bear risks, shrugging off ETF inflows

Ripple is extending its decline for the second consecutive day, trading at $2.06 at the time of writing on Friday. Sentiment surrounding the cross-border remittance token continues to lag despite steady inflows into XRP spot ETFs. 

Luna Classic soars 20% as Do Kwon's sentence hearing looms

Luna Classic surges 20% on Friday, extending its recovery for the fourth consecutive day. Roughly 959 million tokens have been burned in December so far, fueling LUNC's recovery.

Crypto Today: Bitcoin, Ethereum, XRP pare gains despite increasing hopes of upcoming Fed rate cut

Bitcoin (BTC) is steadying above $91,000 at the time of writing on Friday. Resistance at $94,150 capped recovery on Wednesday, but in the meantime, bulls have contained downside risks above $90,000. 

Ethereum strengthens against BTC post-Fusaka, targeting $3,200 breakout

Ethereum trades above $3,100 on Friday, with bulls aiming for a breakout above a two-month-old resistance trendline. Ethereum gains strength against Bitcoin as demand for the major altcoin increases after the Fusaka upgrade.

Orange Juice Newsletter – Smart insights by real people. Every day.

A free newsletter highlighting key market trends to help traders stay a step ahead. Daily insights on the most relevant trading topics, compiled by our experts in an easy-to-read format so you never miss an important move.

Crypto Today: Bitcoin, Ethereum, XRP pare gains despite increasing hopes of upcoming Fed rate cut

Bitcoin (BTC) is steadying above $91,000 at the time of writing on Friday. Resistance at $94,150 capped recovery on Wednesday, but in the meantime, bulls have contained downside risks above $90,000.