Ether’s Advances Towards All-time High Rejected, Bulls Preparing for Another Upside Break – Ethereum Weekly
Bitcoin had quite a good run last week thanks to reports of the imminent approval of Bitcoin futures ETFs by the US Securities and Exchange Commission. The flagship cryptocurrency wasn’t, however, the only coin to see an uptrend. Ethereum finally had a promising and positive display – a sigh of relief to ETH holders who have been wary of a bullish cycle over the last few weeks.
The token underperformed compared to Bitcoin last month, but ETH bulls appear determined to change that narrative. Despite seeing a rally last week, Ether is yet to close on the September highs. Outside the market, Ether seems to be benefitting from the booming DeFi sector, whose total value locked figure has now surpassed the $225 billion mark.
Mark Cuban sees Ether as the crypto with the most upside
Billionaire entrepreneur and TV personality threw his weight behind Doge and Ethereum on a Wednesday interview with CNBC. The Shark Tank host recommended both cryptocurrencies highlighting how each is uniquely suited.
In his opinion, Cuban believes the former is the go-to choice for those that want to invest in digital assets for fun. He also holds that Ethereum is the best pick for potential investors looking to plough their money into a crypto investment with the biggest upside.
“As an investment, I think Ethereum has the most upside,” the Dallas Mavericks owner told CNBC’s Make It.
Cuban, who currently holds Ethereum and several coins in his portfolio, including Dogecoin, has previously hailed the two cryptocurrencies. He contends Ether is an all-around cryptocurrency and regrets not having invested in it sooner. In April, while speaking to Anil Lulla of the Delphi Podcast, Cuban observed that Ethereum’s smart contract functionality gave it a lot of use cases, including DeFi and NFTs, that made it stand out.
FSInsight projects Ether and Bitcoin to strengthen soon
Last Thursday, New York-based financial research firm FSInsight reported that Ethereum had started catching up to Bitcoin after several weeks of underperforming. This week, the price of Ethereum has surged by over 11%, and based on the recent uptrend, FSInsight predicts that the cryptocurrency will attempt to notch the peak set at the beginning of September.
Ethereum’s market capital has, as expected, been swelling and has surged 28% since the start of October. There is a good probability of the Ether’s market capital crossing the half a trillion mark if the token continues rallying towards its all-time high. The report also adds that Bitcoin will continue surging, and it is a good idea for investors to have both in their baskets for the near term.
Ethereum market performance
Ethereum saw significant price action this week, with the token surging on the back of further bullish momentum to a 7-day high of around $3,965 last week, as per data from crypto aggregator coinmarketcap. Bulls are still largely in control and holding steady, notwithstanding the multiple rejected attempts to breach $4,000.
ETH/USD seems to have found stability – consolidating in the $3,800 – $3,900 zone, having swung in the region for the last couple of days. The display could be a pointer that bulls are studying the market before making their next move. Bulls will have to be ready to fend off bearish waves if Ether is to retest its September highs.
The biggest concern at the moment is breaching the resistance levels at $3,900 and $3,950, which will clear the path for an ascension above $4,000. A break above the first resistance level will potentially provide adequate momentum for a fresh rally.
If bears maintain their ground and stop bulls from moving any higher, the latter would have to consider taking profits. The eventual result will be intensified selling pressure and a bear scenario that will see ETH price carve a retracement path. In this case, the pair will find immediate support around $3,800.