ETHUSD (Ethereum) – Week 43 – Correction and up?

BITSTAMP:ETHUSD   Ethereum / U.S. Dollar
Playboy has created Ethereum-based Rabbitars NFTs as ERC-721 tokens. The project's website describes Playboy Rabbitars as a "lagomorphic-themed civilization of unique and non-fungible rabbits." There are 11,953 of them, inspired by Playboy iconography, heritage and lore. The news was shared by Chinese crypto journalist and blogger Colin Wu . He posted a screenshot from the project's website, featuring some of the Playboy Rabbitars. The sale will begin in two days at a mint price of 0.1953 ETH ($803). The website explains that in order to become an owner of such an NFT, a user needs to set up a Metamask wallet. However, NFTs will be available for sale both for fiat and crypto.

Ethereum (ETH) recently breached the psychological price of $4,000, bringing it a stone’s throw away from its all-time high ( ATH ) level of $4,350. The second-largest cryptocurrency based on market capitalization has been experiencing an uptick in activities, given that it is in high demand from sectors like decentralized finance (DeFi) and non-fungible tokens (NFTs). Reportedly, the total value locked ( TVL ) in DeFi on the Ethereum network breached the $100 billion mark as demand continues to soar.

From a technical perspective, Ethereum tagged the previous all-time high and reversed in what it seems right now as a correction before the next move to the upside. Potential targets for reversal are the blue trendline marked on the chart or the support level at 3,6k. If the price makes a bigger correction in this area, we may see a consolidation on the support and another move to the downside before reversing to the upside again to continue its trend.

Trade with care.

Best regards,
Financial Flagship

Disclaimer: The analysis provided is purely informative and it should not be used as financial advice. Remember that you need a plan before you start trading; so, take this knowledge and use it as a guidebook that will ultimately help you understand the market and easily predict your next move.