Ethereum reached $2K for the first time since February which was a benchmark target for many bulls as they awaited a rally in the second-biggest crypto market so let’s read more in our latest ethereum news today.
The ETH/USD exchange rate increased to $2007 during the Asia-Pacific trading session and the pair’s move uphill coincided with the drop in the BTC dominance index which is a metric that measures the flagship’s crypto BTC market cap against that of the rest of the crypto market to the lowest levels since October 2020. The plunging index suggested a high capital moving into the BTC rivals which could push the ETH price higher. Other cryptocurrencies like Litecoin, Bitcoin Cash, Binance Coin, and Chainlink rallied higher over the “altcoin season.”
“I own a lot of Ethereum because I think it’s the closest to a true currency” – Mark Cuban.
ETH and DeFi will be on fire in Q2 2021.
— Joseph Young (@iamjosephyoung) April 1, 2021
The question remains whether Ethereum could continue trading upwards as it trades near the $2000 range which is known for starting massive sell-offs. One analyst on Twitter believes that the ETH/USD pair has to confirm the daily close above $2000 to flip the level into support and if the pair manages to do it, it will face no resistance in extending the rally above $2500. The analyst wrote:
“Daily close above $2k would be the highest daily close that Ethereum has seen. 2.5k programmed for later this month.”
The recent fundamentals backed an upside scenario and the latest rally in the ETH market followed Visa’s decision to launch a stablecoin transaction on the legacy payment platform. The dollar-pegged token in question was USDC which functions on the Ethereum blockchain. In the meantime, billionaire Mark Cuban admitted that he owns a lot of ETH tokens and praised the features of the smart contract that will back the booming DeFi space and the NFT sector, as he added:
“That’s what changed the game. That’s what got me excited. [And] that’s why it’s a lot like the internet.”
Mr. Cuban’s portfolio comprises 70% BTC, 30% ETH, and 10% other cryptocurrencies. Ethereum reached $2K for the first time in months and broke off the symmetrical triangle which is a consolidation pattern that appeared during the uptrend. This increased the crypto’s potential to log an extended bullish move with the targets as high as the length of the previous trend. This puts the pair on its way towards $3000 and the symmetrical triangle hinted at becoming an ascending triangle pattern that could reject the breakout above $2000.
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