The price of Ethereum has reached a key point, with considerable resistance, which will determine whether the ups or downs will win out. The second currency is slightly higher this morning at $ 3,864 as it continues to trade near the $ 4,000 mark.
The popularity of non-fungible tokens (NFT) and decentralized finance (Defi) has increased this year, driving up the price of Ethereum.
Another big driver of the general crypto market is the recent approval of a Bitcoin ETF, with analysts speculating on the approval of an Ethereum ETF to follow.
After a month of underperformance, Ethereum is starting to catch up with Bitcoin. ETH / BTC was up 1.37% at the time of publication.
To support a run at the first major resistance level at $ 4,086, Ethereum would need to avoid the pivot level of $ 3,730. If there is no long-term crypto rise, the first large resistance level will likely stop any further gain.
Prior to any retreat, the price of Ethereum could reach resistance near the $ 4,500 levels in the event of another prolonged breakout. The second significant resistance level is $ 4,325.
If the price falls below the pivot at $ 3,730, the first significant support level at $ 3,491 will be tested. Unless there is a massive sell off this week, Ethereum should avoid the second major support level of around $ 3,135.
Coinbase Adds Support for Two ETH-Based Altcoins
Coinbase, the largest cryptocurrency exchange in the United States, has added two Ethereum-based (ETH) altcoins to its wallet.
BadgerDAO (BADGER) and Rarible (RARI) are now available to buy, sell, convert, store, send and receive on Coinbase.com and its iOS and Android apps, after their debut on Coinbase Pro.