The leading cryptocurrency Bitcoin (BTC) took action after breaking the $51,000 resistance at midnight and is currently in a better technical outlook than it has been in recent times.
Although this volatility of BTC price gives some altcoins a chance to rise in the crypto money sector, Ethereum, the second largest cryptocurrency by total market value, is still in place.
Critical Points For Ethereum Price
ETH price It is currently stuck at the $3,500 resistance and there is a much more challenging point in the continuation of this resistance.
Looking at the ETH technical analysis, it can be said that $3,450, which coincides with the 100 hourly simple moving average point, is an important level and the first target will be $3,700 after that.
In case of a possible rejection, ETH price may withdraw from $3,450 to $3,339, and then to $3,275 and consolidation here.
ETH, which followed Bitcoin directly in the previous rises, needs to break the resistance point near $ 3,540 in order to do this again. From here, ETH can be expected to move towards its previous record.
The worst-case scenario for Ethereum can be said to be a close at $3,000 below the $3,275 support.
Despite this, the current NFT craze and market resurgence will eventually give ETH the expected support.
The constant burning of more ETH with the EIP-1559 update is actually a positive development for ETH.