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The crypto market is flashing green this week, with major coins like Ethereum (ETH), Uniswap (UNI), Filecoin (FIL), and The Graph (GRT) leading the rally. Bitcoin has held above the key $50,000 level, providing tailwinds for altcoins to surge higher. In this blog, we’ll analyze the price action and market dynamics driving these top cryptos, share our personal takes on where things may go from here, and answer some frequently asked questions about the state of the market.
Etheruem has been on an epic run over the last month, gaining 35% to trade around $3,100 as of this writing. Ether in a clear uptrend making higher highs and higher lows.
The bullish case is supported by:
- Strongly rising moving averages, with the 20-day EMA at $2,800 providing a floor on any pullbacks
- Oscillators like RSI in overbought territory, indicating strong upside momentum
- Increased whale accumulation, suggesting smart money expects higher prices
In the bull case, ETH may see further upside towards the psychologically key $3,300 level in the near term. The next major resistance level sits around $3,650 which would mark a new all-time high.
In the bear case, the first level of support lies at $2,850. Below that the 20-day EMA and 50-day SMA around $2,700 would need to hold for the uptrend to remain intact. If ETH loses those levels, it could enter a deeper correction towards the 200-day SMA around $2,100.
Personal Take
I remain strongly bullish on Ethereum given the momentum driving the price, rising network usage, and upcoming upgrades that will make ETH deflationary. Layer 2 scaling solutions are also helping mitigate congestion issues that have slowed adoption. With hype growing around web3, NFTs, DeFi and the metaverse, I expect Ethereum to continue outpacing Bitcoin and cement its status as the leading blockchain for decentralized applications.
Uniswap staged an impressive 17% breakout this week, clearing overhead resistance at $8 to reach prices not seen since last spring. Trading…
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