BTC started a new uptrend and broke the USD 57,500 hurdle. It is now trading above $ 58,000 and is expected to continue to rise in the near future. Apart from that, the majority of the big altcoins are also gaining traction. ETH is up about 4% and has broken the USD 3,600 barrier zone. Although XRP is gaining ground, it is still below the $ 1.20 resistance level. ADA is aiming for a break above the USD 2.20 resistance on the upside.
Ethereum price promotion
Ethereum remained solidly supported above the $ 3,400 mark. Like Bitcoin, ETH has started a new uptrend above the USD 3,500 resistance zone and the 100-hour simple moving average.
The ETH / USD hourly chart also broke above a key negative trendline with resistance above $ 3,500. The currency pair is currently trading above the USD 3,550 threshold. The price of ether even broke the resistance level of $ 3,600.
The price has made a high near $ 3,656 and is now consolidating gains. There is immediate upside resistance near the $ 3,650 mark. The next major resistance is at $ 3,660, above which the price could continue its uptrend. In the above scenario, the price can go up to $ 3,750. Any further advances could create the conditions for a short-term move towards the $ 4,000 mark.
Unless Ethereum rises above the USD 3,650 and USD 3,660 resistance levels, a new negative correction could begin. On the flip side, $ 3,600 will serve as the initial support level. The first major support is looming near the $ 3,550 mark. The price could fall even further if it breaks below the $ 3,550 and $ 3,535 support levels. The next major level of support is at $ 3,450.
Mark Cuban bullish on ETH!
Billionaire Mark Cuban told CNBC Make It that ether, the second largest cryptocurrency, has the greatest potential.
“As an investment, I think Ethereum has the greatest advantage.”
Due to Ethereum’s strong presence in the decentralized finance (Defi) and non-fungible tokens (NFT) sectors, Cuban has been a long-time supporter of the blockchain. He drew parallels between the advent of smart contracts and the internet boom of the late 1990s in April.
In a recent interview, Cubans also said that people buy Dogecoin because it’s “fun”. Despite his strong advocacy, his previous DOGE stocks are quite small.
When it comes to Bitcoin, the “Shark Tank” star sees the crypto monarch as little more than a gold substitute.