Ethereum Price Prediction – Bulls Could Aim for $3,500

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  • On Wednesday, the owner of the Dallas Mavericks, Mark Cuban, provided his insight on what he seeks in a digital asset
  • On the flip side, an analyst from the Bank of America, Alkesh Shah, has said that the fifth-largest cryptocurrency by market cap Solana, could potentially take the market share from the second-largest cryptocurrency, Ethereum
  • The bulls pushed the price above $3,350. The price of Ether has risen above $3,400, and a new weekly high has been established near $3,412
The ETH/USD ended the day at $3,370.48, having reached a high of $3,406.50, and a low of $3,208.47. ETH/USD surged for the second consecutive session, recouping some of its previous losses, as the market sentiment improved.
On Wednesday, the owner of the Dallas Mavericks, Mark Cuban, provided his insight on what he seeks in a digital asset, a blockchain project and a token. The billionaire investor said that he looks for utility when researching crypto investments. He further noted that token trading was the least important part of crypto. According to Cuban, the preferred choices include decentralized platforms that leverage smart contract technology and DAOs.Cuban stated that tokens accrue value from the utility their platform creates, so they can be valued like stocks. He gave an example, saying that ETH/Polygon tokens were needed to transact on those networks, which means one must buy the tokens to leverage the applications one wants to use. So what does it mean that networks with popular apps will have valued tokens?

In November, Cuban described himself as an “Ethereum maxi”, because he is big on smart contracts and Ethereum. He is also into non-fungible tokens, and his portfolio has many NFTs. His comments provided some support for the second-largest cryptocurrency in the world. Meanwhile, the reality TV star, Kim Kardashian, and the boxing legend, Floyd Mayweather, among other celebrities, have become the targets of a new lawsuit for promoting a crypto token named EthereumMax (EMAX).

According to the filing, the celebrities misled the investors by misrepresenting material facts concerning the crypto asset, by creating the impression that buying the token would generate a profit. However, the promotional activities of Kardashian, Mayweather and others led the investors towards heavy losses.On the flip side, an analyst from Bank of America, by the name of Alkesh Shah, has said that the fifth-largest cryptocurrency by market cap, Solana, could potentially take the market share from the second-largest cryptocurrency, Ethereum. According to Shah, Solana produces a blockchain optimized for consumer use cases, by prioritizing scalability, low transaction fees and ease of use, and it could become the Visa to the digital asset ecosystem. This report predicted further gains in ETH/USD.

Daily Technical Levels

Support               Resistance
3,250.46              3,448.49
3,130.45              3,526.51
3,052.43             3,646.52
Pivot Point:        3,328.48

Ethereum – A Technical Outlook

Ethereum has begun a powerful rise above the $3,250 resistance level. ETH has even broken through the $3,300 barrier zone and the 100 hourly simple moving average, to move further into the green.

The bulls even pushed the price above $3,350. The price of Ether has risen above $3,400, and a new weekly high has been established near $3,412. It is now recouping its losses and trading below $3,360. The recent upward rise from the $3,206 downswing, to a high of $3,412 was broken below the 23.6 percent Fib retracement level.

The price of Ether is currently trading over $3,250 and the 100-hourly SMA. On the hourly time frame for ETH/USD, a big bullish trend line is forming, with support near $3,300. To the upside, there is immediate resistance near $3,380.

A clear move above $3,380 could spark another rise in the near term. The next big obstacle is near $3,420, above which the price of ether might test $3,500. Any additional gains might lead the price up to $3,550 in the short term.

Are the Dips in ETH Limited?

If Ethereum fails to start a fresh uptrend over $3,380, it may begin a downward trend. On the downside, there is an initial support level near $3,320, and the first major support is already emerging near $3,300.

It is close to the 50% Fib retracement level of the latest uptrend, from the $3,206 downswing, to the high of $3,412. If the price falls below $3,300, it will move towards the trend line support. Any further losses could push the price up to $3,200.