BTC began a new uptrend and broke through the USD 57,500 hurdle. It is now trading above USD 58,000 and is expected to rise further in the near future. Aside from that, the majority of big altcoins are also gaining traction. ETH is up about 4% and has broken over the USD 3,600 barrier zone. Although XRP is gaining, it is still below the USD 1.20 resistance level. ADA is seeking a break above the USD 2.20 resistance on the upside.
Ethereum Price Action
Above the $3,400 level, Ethereum remained firmly supported. ETH, like bitcoin, has started a new uptrend above the $3,500 resistance zone and the 100 hourly simple moving average.
On the hourly chart of ETH/USD, there was also a breach over a crucial negative trend line with resistance above $3,500. The currency pair is currently trading above the $3,550 barrier level. The price of Ether even broke through the $3,600 resistance level.
The price has formed a high near $3,656 and is now consolidating gains. Near the $3,650 mark, there is immediate upside resistance. The next big resistance is near $3,660, above which the price may resume its upward trend. In the aforementioned scenario, the price may rise to $3,750. Any further advances might lay the stage for a near-term move towards the $4,000 mark.
If ethereum fails to rise above the $3,650 and $3,660 resistance levels, a new negative correction could begin. On the downside, $3,600 serves as an initial support level. Near the $3,550 mark, the first major support is emerging. The price could fall even further if it breaks below the $3,550 and $3,535 support levels. The next major support level is at $3,450.
Mark Cuban bullish on ETH!
Billionaire Mark Cuban told CNBC Make It that Ether, the second-largest cryptocurrency, has the most potential.
“As an investment, I think ethereum has the most upside.”
Because of Ethereum’s strong presence in the decentralized finance (Defi) and non-fungible token (NFT) sectors, Cuban has been a long-time supporter of the blockchain. He drew parallels between the emergence of smart contracts and the late-90s internet boom back in April.
During a recent interview, Cuban also said that people buy Dogecoin because it’s “fun.” Despite his vigorous advocacy, his prior DOGE holdings are quite little.
When it comes to Bitcoin, the “Shark Tank” star sees the crypto monarch as little more than a gold substitute.