Visa Cryptocurrency

Ethereum Price Prediction – Bulls Could Aim for $3,500

Ethereum Price Prediction – Bulls Could Aim for $3,500
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  • On Wednesday, Dallas Mavericks owner Mark Cuban presented his vision for what he’s after in a digital asset
  • On the flip side, Bank of America analyst Kish Shah said that the fifth largest cryptocurrency by market capitalization, Solana, could take market share from the second largest cryptocurrency, Ethereum.
  • The bulls pushed the price above $3,350. Ether price rose above $3,400, new weekly high was set near $3,412
the ETH / USD It ended the day at $3,370.48, after reaching a high of $3,406.50 and a low of $3,208.47. ETH/USD rose for the second session in a row, recouping some of its earlier losses, as market sentiment improved.
On Wednesday, Dallas Mavericks owner Mark Cuban presented his insights into what he is looking for in a digital asset, blockchain and token project. The billionaire investor said he looks for utility when researching cryptocurrency investments. He also noted that token trading was the least important part of the cryptocurrency. According to Cuban, the preferred options include decentralized platforms that take advantage of smart contract technology and DAO. Cuban mentioned that tokens gain value from the instrument their platform generates, so that they can be valued like stocks. He gave an example, saying that ETH/Polygon tokens are required to transact on those networks, which means that one must purchase tokens to take advantage of the applications one wants to use. So what does it mean that networks with popular apps will have tokens?

In November, Cuban described himself as the “Ethereum maxi,” because he is big on smart contracts and Ethereum. He is also into non-fungible tokens, and his wallet contains many non-fungible tokens. His comments provided some support for the world’s second largest cryptocurrency. Meanwhile, reality TV star Kim Kardashian and boxing legend Floyd Mayweather, among other celebrities, have become the targets of a new lawsuit promoting a crypto token called EthereumMax (EMAX).

According to the filing, the celebrities misled investors by misrepresenting the physical facts about the origin of the cryptocurrency, by creating the impression that buying the token would make a profit. However, the promotional activities of Kardashian, Mayweather and others have pushed investors towards huge losses, and on the other hand, Bank of America analyst Alkesh Shah said that the fifth largest cryptocurrency by market capitalization, Solana, is likely to take Market share of the second largest cryptocurrency, Ethereum. According to Shah, the Solana blockchain that is optimized for consumer use cases, by prioritizing scalability, low transaction fees, and ease of use, could potentially become Visa’s entry into the digital asset ecosystem. This report anticipates further gains in ETH / USD.

daily technical levels

support resistance
3,250.46 3,448.49
3,130.45 3,526.51
3,052.43 3,646.52
Pivot Point: 3,328.48

Ethereum – Technical Overview

Ethereum started a strong rally above the $3,250 resistance level. ETH has breached the $3,300 barrier area and the 100 hourly simple moving average, moving further into the green.

The bulls pushed the price above $3,350. Ether price rose above $3,400, and a new weekly high was set near $3,412. It is now recovering its losses and trading at less than $3,360. The recent bullish rally from $3,206 to the $3,412 high was broken below the 23.6 percent Fib retracement level.

Ether price is currently trading above $3,250 and the 100-hour SMA. On the hourly time frame of ETH / USD, a major bullish trend line is forming, with support near $3,300. To the upside, there is an immediate resistance near $3,380.

A clear move above $3380 could lead to another rally in the near term. The next big hurdle is approaching $3,420, when the price of Ether could reach $3,500 when passed. Any additional gains could push the price up to $3,550 in the short term.

Are the dips in ETH limited?

If Ethereum fails to start a new uptrend above $3,380, it may start a downtrend. On the downside, an initial support level is near $3,320, and the first major support is already emerging near $3,300.

It is close to the 50% Fib retracement level of the recent uptrend from $3,206 of the decline to the high of $3,412. If the price drops below $3,300, it will move towards trend line support. Any further losses could push the price up to $3,200.

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