By Shelly Melancon (Switzerland)
The overall market sentiment in the past day has been positive, with nearly all coins being bullish, and ETH was not an exception. Meme-coin king, Dogecoin, has achieved a new landmark. There are now over 500K DOGE holders. Conversely, Cardano’s price is neither bullish nor bearish despite the crypto market’s positive sentiment.
ETH Is About To Surge Past A Crucial Resistance
ETH has retested the $2.95K level multiple times and may soon flip it into support as it has done previously. The leading altcoin has soared by nearly 14% within this period. ETH has shown huge volatility in the past day as it keeps trading between the $2.59K and $2.91K range.
Trading volume is now $17.19B following a 20.1% rise. Its market dominance is 19% as the market cap rises to about $346B. The technical indicators on the 4-hour chart confirm the strong price uptrend. Thus, suggesting that ETH might soon break the $2.96K resistance level.
ETH 4-hour chart. Source: Tradingview
Since the beginning of the week, Ether has been showing signs of a strong bullish move. After breaking out of the $2.71K resistance three days ago, ETH established a new high of $2.81K. Despite a temporary decline towards the $2.61K level, ETH renewed its resurgence on February 3. Between that time and as of this writing, ETH has retested the $2.95K price level multiple times, gaining about 15% in the process.
Also read:However, ETH will likely establish a higher low over the weekend with a slight price correction before resuming its bullish momentum. It has already established a higher high. Unless there is a strong reversal in the current positive crypto market bias (which will lead to significant price drops), expect ETH to keep testing the $3K price level.
DOGE Price Keeps Struggling
Popular Chinese crypto journalist, Collins Wu, (popularly known as Wu blockchain) revealed that top Binance whales hold nearly 330m Dogecoins. Thus, indicating that crypto whales are staking a chance on DOGE. Whale wallets on the Binance smart chain hold more than $46.5m worth of DOGE based on WhaleStats data. The data further revealed that DOGE is the fourth most used smart contract on the Ethereum network.
With Dogecoin planning to switch to a PoS platform, Ethereum CEO and DOGE foundation member, Buterin, has revealed that he won’t mind deploying Ethereum resources to assist DOGE developers in accomplishing this goal. Surprisingly, the news of the pow to PoS transition hasn’t affected DOGE price. DOGE price remains stagnant as the bulls, and the bears struggle to take control of the DOGE market.
Cardano Keeps Testing The $1 Level
The crypto market has rebounded courtesy of strong earnings reports by top US equities, especially Amazon, which posted nearly 15.5% gains. In the last couple of days, the huge volatility in the crypto market has made it difficult for the bulls or bears to retain control of the Cardano price market. ADA bulls would intensify their efforts to push ADA’s price to the $1.21 price levels where traders can make decent profits.
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