Join Our Telegram channel to stay up to date on breaking news coverage
The Ethereum price pumped 24% in the last week and 3% in the past 24 hours to trade at $3,749.02 as of 10:43 p.m. EST as investors rush to buy the altcoin leader.
The ETH price also managed to briefly break above $3,800 in the last 24 hours, but has since retraced to trade at its current level.
Ethereum Price Tries To Challenge Resistance, Will It Break Through?
Daily chart for WETH/USD (Source: GeckoTerminal)
The Ethereum price is hovering below a resistance level at $3,848.79, data from GeckoTerminal shows. Breaking above this technical barrier could clear the way for ETH to continue rising in the short term.
However, a rejection from the $3,848.79 mark could trigger a wave of sell activity from traders looking to cash in as much of their profits as they can. In this alternative case, the Ethereum price might test the immediate support level at $3,472.67. Thereafter, continued pressure from bears could even lead to a plunge to as low as $3,096.56.
Technicals Warn The Ethereum Price Could Pullback Due To Overextended Conditions
From a technical point of view, indicators on the daily chart, such as the Moving Average Convergence Divergence (MACD) and the Relative Strength Index (RSI), are starting to show early signs that ETH might take a breather from its bullish rise.
In the last couple of hours, the MACD line has started to drop slightly towards the MACD Signal line. This might be seen as an indication of an upcoming trend reversal from bullish to bearish.
Meanwhile, RSI readings have started to drop as well in the mid 80s. The current value warns that the Ethereum price is overbought, with some traders seemingly already acting on the signal in the last few hours in an effort to reduce downside risk.
If the Ethereum price does not close today’s daily candle above $3,848.79, the bearish scenario might be more likely to play out over the next 48 hours. This could then lead to that test of the $3,472.67 support.
As the Ethereum price tries to break above another resistance, investors are also buying into the presale for Best Wallet (BEST). According to Crypto Boy, a popular analyst and YouTuber with over 61.5K subscribers, it is one of the best cryptos to buy now.
The Only Wallet Crypto Investors Will Ever Need
Best Wallet entered the market late last year, and is already taking the crypto world by storm. This is mainly due to its range of features and user-friendly interface.
With a built-in decentralized exchange (DEX), a native staking platform, and so much more, Best Wallet gives users a single platform to securely store and grow their digital assets across over 60 blockchains. Users are even able to import their wallets from across the Web3 ecosystem into the app, making portfolio management a breeze.
Security is top-notch as well. Not only is Best Wallet non-custodial, meaning private keys aren’t stored on a central server somewhere, it also comes with biometric scanning and 2-factor authentication.
Of all of the app’s features, its “Upcoming Tokens” section stands out. This feature spotlights high-potential cryptos that are still in their early stages. So far, Best Wallet has already flagged Pepe Unchained (PEPU) and Catslap (SLAP), meme coins that have gone on to print massive gains for early investors.
BEST holders also unlock additional perks, including higher staking rewards, lower transaction fees, early access to new projects, and the ability to participate in the project’s governance.
BEST Presale Breaks $14 Million
Investors are already buying into what Best Wallet has to offer, and have pumped more than $14 million into the project’s ongoing ICO. With the bullish predictions by experts like Crypto Boy and the additional perks given to BEST token holders, it’s easy to see why a buying frenzy has erupted around the project’s presale.
Interested investors can acquire BEST via the simple buy widget embedded on the project’s website. Selling for $0.025365, the token can be bought with either crypto or bank card. BEST tokens can then also be staked for a 97% APY.
Investors that want to lock in the best rate will want to act fast, because BEST’s price will increase as its ICO progresses. The next presale price hike is around 41 hours away.
Visit the official Best Wallet website to learn more.
Related Articles:
- Crypto Market Cap Hits $4 Trillion As US House Passes GENIUS Act
- Michael Saylor’s Strategy Hits All-Time High Market Cap
- Punks Skyrocket +10,000% In Daily NFT Sales Volume
Best Wallet - Diversify Your Crypto Portfolio
- Easy to Use, Feature-Driven Crypto Wallet
- Get Early Access to Upcoming Token ICOs
- Multi-Chain, Multi-Wallet, Non-Custodial
- Now On App Store, Google Play
- 250,000+ Monthly Active Users
Join Our Telegram channel to stay up to date on breaking news coverage
