Originally published on: January 26, 2022
Cryptocurrency markets are experiencing a resurgence as Ethereum bulls set their sights on flipping $2.8K to support, signaling a potential trend reversal. Following the United States Federal Reserve’s announcement of near 0% interest rates, prices have shown signs of recovery, with Bitcoin making a strong push towards $39,000.
Ethereum’s native token, Ether, responded positively to the bullish sentiment, climbing 8.11% to hit $2,723. Analysts are optimistic about Ether’s short-term trajectory, with some cautioning against chasing the current price levels.
Crypto trader CryptoAmsterdam notes a 12% bounce in Ether’s price and advises against entering long positions at the current levels. Options trader John Wick highlights a bottom pattern forming on the Ether chart, suggesting a potential uptrend.
Key levels to watch moving forward include a support/resistance flip at $2,850, according to analyst TheCryptoCactus. The overall cryptocurrency market capitalization stands at $1.734 trillion, with Bitcoin’s dominance rate at 41.5%.
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