- 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
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).
daily technical levels
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.