- 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 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 Bored Ape Yacht Club, and the market-wide sell-off last week, Ethereum mean gas prices are declining. This is a driver of bullish sentiment among Ethereum holders in the community.
Ethereum: Mean Transaction Gas Price (Gwei)
GameStop launches non-custodial Ethereum wallet for NFT holders
GameStop, the world’s largest game retailer, launched a non-custodial Ethereum wallet on Tuesday. The wallet is targeted at gamers, users that store, send and receive NFTs and other digital collectibles. The retailer has launched a beta version of the wallet and warned users,
Please use responsibly, and do not add more funds than you are comfortable with.
It’s official! The GameStop Wallet is here.
Download: https://t.co/GkxiRaYN7W
Follow: @GameStopNFT— GameStop (@GameStop) May 23, 2022
