Ethereum Preparing for More Rally with an Increase to $150
Currently, Ethereum (ETH) is trading beautifully over the $135 support area against the U.S. Dollar. ETH price will possibly surpass the $142 and $144 resistance levels for a move towards $150.
On Tuesday, ETH showed a decent move above the $130 resistance against the U.S. Dollar. Then, the price even jumped higher above the key $135 resistance and the 100 hourly simple moving average.
In addition to that, it gained pace over the $140 level. However, the bulls had a hard time staying still in action near $144 and $145. And a swing high formed near $144, while the price is recently consolidating gains.
Ethereum is trading under the 23.6% Fib retracement level of the latest increase from the $121 swing low to $144 high. On the other hand, initial support is almost at the $135 level. Nevertheless, there is a key bullish trend line building. And it has support near $135 on the hourly chart of ETH/USD.
Now, under the trend line support, the following support is near the $132 level. Ethereum is almost in the 50% Fib retracement level of the recent boost from the $121 swing low to $144 high.
If there will be any more losses, it might lead the price towards the $130 support level. But once the bears gain momentum below 4130, the price will likely accelerate lower towards the $125 level.
Looking on the upside, some key hurdles are forming near the $142 and $144 levels. Also, there is a connecting bearish trend line building in the same chart with resistance near $140.
if the bulls acquire strength above the trend line, there are possibilities of more upside above the $142 and $144 resistance levels in the near term.
The Transfer Value of Stablecoin
Meanwhile, blockchain analysis firm Coin Metrics has found that Bitcoin (BTC) was facing its biggest daily drop in the last seven years. At the same time, stablecoins reaped the benefits.
Aside from that, Coin Metrics conducts an analysis of different aspects of cryptocurrency tokens. And it recently revealed their State of Network report on March 23. The report was mostly about how the rest of the crypto market fared in the BTC crash two weeks ago.
Based on Coin Metrics Data, stablecoins obtained market share, spreads on the spot and futures markets broadened, and transfer fees spiked. And this was due to people rushed to deposit coins. Crypto holders might have been turning to stablecoins in an attempt to keep their capital while the market faced a major downturn.
Notable Gains
In a report, stablecoins such as Circle’s USD Coin (USDC) had their market caps hit a new all-time high two days following the downturn. Also, they mostly expect stablecoin market caps to surge after a major crypto market downturn. But in this case, it did not occur.
During the market turmoil, stablecoin transfer value hits an all-time high. Last March 13, the aggregated transfer of all stablecoins that they track brushed a new all-time high of $444.21 million.
