While Ethereum probably hasn’t made many people rich over the last six months, it does seem to be establishing a firm bottom.
Aayush Jindal reports today at NewsBTC that Ethereum has “formed a base above $2650,” citing a bullish trend line that may signal further growth.
“Overall, ether price is trading in a positive zone above $2,700 and the 100 hourly simple moving average,” Jindal writes. “An immediate resistance on the upside is near the $2,785 level. The first major resistance is near the $2,800 level. A proper close above the $2,800 resistance might push the price further higher. In the stated case, the pair could climb above the $2,850 zone.”
Jindal also mentions the possible downside.
“If Ethereum fails to continue higher above the $2,800 resistance, it could start a downside correction,” Jindal writes. “An initial support on the downside is near the $2,735 level. The first key support is now forming near the $2,645 level. It is near the 50% Fib retracement level of the recent increase from the $2,479 swing low to $2,814 high. If there is a downside break below the $2,645 level, the price move down towards the $2,550 level.”
To be clear, Ethereum is down from around 4K, so it has a long way to go to reach all-time highs.
At the same time, Ethereum is also facing competitive pressures around its signature smart contract handling that has made the cryptocurrency such a major market force.
Alternatives like Solana are emerging for smart contract handling, and many parties are also using Bitcoin SV or Satoshi Vision that has its own smart contract capabilities.
And then there’s Cardano.
“As a proof-of-stake (PoS) network, Cardano offers a more eco-friendly approach, ticking the sustainability box, while also addressing scalability and interoperability issues,” writes Emma at OObit. “The platform stands out from the rest in that it uses research-driven and evidence-based methods for its development, incorporating strong input on an academic level. The platform has a number of ties with universities around the world and is a pioneer in encouraging blockchain development in education.”
Stay tuned.
