Ethereum Price Up by 3.5% – Time to Buy ETH Coin?
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- Altcoin gains support as El Salvador’s president believes the price of Bitcoin might reach $100,000 by 2022.
- Buterin reminded people of his position on the price of money on the internet and indicated that his views have not changed.
- If Ethereum fails to break through the $3,715 resistance mark, it may continue to fall.
Ethereum’s price is trading with a bullish bias at $3,791, soaring over 2% on Sunday. The Ethereum founder stands by his claim that the internet of money should cost less than five cents. Vitalik Buterin is developing scaling solutions for Ethereum in order to address the issue of high transaction costs. Ethereum’s price is expected to fall, according to analysts. In a recent Twitter conversation, Vitalik Buterin, the founder of the Ethereum Network, detailed his thoughts on the altcoin. Buterin reminded people of his position on the price of money on the internet and indicated that his views have not changed.
The Ethereum founder stated that the research team places high importance on simplicity. The sharding of the altcoin would allow for lower transaction fees and increased speed. In a recent interview, Shark Tank star and millionaire Kevin O’Leary highlighted his cryptocurrency portfolio. O’Leary’s financial portfolio includes more Ethereum than Bitcoin.
According to O’Leary, “new software is being built like Polygon that consolidates transactions and cuts the total cost in terms of gas fees on Ethereum.”
Ethereum’s price has declined 8.8 percent in the last week, and analysts forecast additional declines in the altcoin. Ethereum has a downside objective of less than $3000, according to Mark Cullen, a crypto expert, and trader.
El Salvador’s president predicts Bitcoin, underpinning altcoins
El Salvador’s president believes the price of Bitcoin might reach $100,000 by 2022. Nayib Bukele believes that more governments will recognize Bitcoin as legal cash this year. El Salvador’s president, Nayib Bukele, tweeted earlier today that the price of Bitcoin may reach $100,000 by 2022. This helped to promote an optimistic narrative for Bitcoin’s price.
Bukele predicts that Bitcoin will become legal tender in two big countries. First, the asset is on its way to becoming a big political problem in the United States. The Salvadoran forecast said that volcanic bonds will be issued, with half of the proceeds going to Bitcoin. The other half to the volcano-powered mining infrastructure.
Ethereum technical outlook – Double top pattern extend resistance at $3,800
Ethereum was unable to maintain its price above the $3,880 and $3,850 support levels. ETH continued to fall and traded below the critical $3,750 support level. The price fell sharply below $3,700 and settled below the 100 hourly simple moving average. It has fallen as low as $3,602 and is now consolidating losses. On the upside, the $3,655 level represents an immediate resistance.
It is close to the 23.6 percent Fib retracement level of the recent drop from the $3,827 swing high to the $3,602 low. The next significant resistance level is around $3,715.
On the hourly chart of ETH/USD, a key negative trend line with resistance near $3,715 is also formed. The trend line is at the 50% Fib retracement level of the recent slide from the $3,827 swing high to the $3,602 low. To begin a decent recovery, the price needs to break through the $3,715 barrier level. In the aforementioned scenario, the price could move towards $3,850 or the 100 hourly simple moving average. Any further gains might push the price up to the $4,000 mark.
More Drawbacks in ETH?
If Ethereum fails to break through the $3,715 resistance mark, it may continue to fall. On the downside, an initial support level is near $3,600, or the current low. The first significant support is presently building at $3,550 and $3,500. A breach below the $3,550 and $3,500 levels might put the bulls under a lot of pressure. In the aforementioned scenario, the price could fall towards the $3,200 support zone in the near term.
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