Ethereum keeps rallying of $3300 on Thursday - Ethereum Latest News
As Bitcoin Continues to Move Towards $43K, Ethereum continues to hover above $3300, The latest market report from Coin Desk notes that ETH/USDT is consolidating within a minute region above a major resistance level.
As Bitcoin Continues to Move Towards $43K, Ethereum continues to hover above $3300. A cryptocurrency is a digital asset that can be used for a number of different purposes. As such, gauging the movement of an asset can help minimize your risk and maximize your profits. The latest inflation data indicates that prices continue to rise and are at a 40-year high. While this can be a negative development for cryptocurrencies, it is good news for investors.
The latest market report from CoinDesk notes that ETH/USDT is consolidating within a minute region above a major resistance level. A breakout of the three-month range will likely reclaim levels above $3500 in the near-term. However, long-term targets for ETH remain at the $3700-$4,200 levels. As for the rest of the cryptocurrency market, Ethereum continues to hover above $3300 Thursday.
After a disappointing December jobs report, the price of Ethereum fell sharply. This news was accompanied by the release of Federal Reserve Board minutes, which reportedly signaled that the central bank is slowing its stimulus programs. This led to a sharp drop in Ethereum's price. It topped $4,100 on Dec. 27 and has fluctuated between $2,900 and $3,900 since then. As a result, the market is now a bit worried.
In spite of its volatility, Ethereum is close to reaching an all-time high. In fact, on Nov. 10, it hit a new all-time high, and carried that strength through December. Then, it recovered a bit before ending the month over the January 2021 high. The cryptocurrency's price is now worth more than $1,000, a record high. However, this trend is not sustainable, as the market will continue to fluctuate.
Despite the recent volatility, ETH is still a highly speculative asset. While investors have no direct control over the price, experts advise that investors not invest in cryptocurrencies unless they have a very high risk tolerance. It's not a good idea to put all of your eggs in one basket. However, many of the experts recommend that a small percentage of the portfolio be allocated to a cryptocurrency such as Ethereum. The key to success in a cryptocurrency is to focus on long-term trends and never take your investments too seriously.
Despite a bearish reversal, Ether remains bullish on its way to reach an all-time high. As the Bitcoin price continues to climb toward $6,500, Ether will rise above $3300 again. The rising wedge and ascending triangle are strong signs for the cryptocurrency. If the price is able to break above $4,000, it will likely form an ascending triangle. The retest of this triangle resistance will be the key to the current bull run. Once the coin crosses over $4,000, the bulls will have an opportunity to buy low. If the market bounces further, it will continue to rally to $5.500.
The cryptocurrency Ethereum continues to move upward on its way towards a new high. As the technology for decentralised finance increases, the ethereum price will also rise. With a total market cap of $575 billion, ether has surpassed its rival, bitcoin, which is worth $1.3 trillion. As a result, it has become more popular among traders on exchanges like Coinbase. This is a sign that it is in the process of maturing.
The cryptocurrency Ethereum continues to rise on its way to the top of the NYSE. The new NYSE is helping the digital currency, and ETH is now the second most popular currency on Coinbase. Further, ETH is directly tied to DeFi and NFT movements. Andrew Moss, managing director at GSR Capital, says that these technologies require ETH to function. Similarly, he points to the broader adoption of cryptoassets and other currencies.
As the market rebounds from its recent lows, the cryptocurrency price has dropped a significant amount. It has broken its fourth-quarter upward trendline and tested the 50-day exponential moving average. In the chart above, the 50-day EMA is shown as a velvet wave. The next support line is around $3700, and this may be the first false break of the day. The price of the crypto will continue to rise until it breaks this support line.
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