Ethereum
The Ethereum price rally has stalled at $2,900 and may decline to $2,500. However, the Bulls will cheer the news that Carl Icahn is a big fan and wants in.
Talking to Bloomberg Markets, famed activist investor Carl Icahn has declared: “crypto is here to stay”.
He said he doesn’t own any cryptocurrencies at the moment. However, his firm will soon be involved in a “relatively big way.”
Despite the latest billionaire endorsement. The Ethereum price rally has paused at yesterday’s 6-day high of $2,910. ETH is trading at $2,555, having retreated 8% from the session top.
This follows Bitcoin’s failure stay above $40,000. The longs, still scarred from the recent turmoil, rightly decided to book profits on this latest bounce.
Icahn is the latest high-profile money manager to switch his attention to digital assets. Paul Tudor-Jones, Stanley Druckenmiller, and more recently, Bridgewaters Ray Dalio have given Bitcoin their backing.
Ethereum price bulls will be happy that Icahn favours ETH to BTC:
“With Ethereum, it’s the underlying blockchain. So, Ethereum has two things – you can use it as a payment system, you can use it as a store of value.”
He went on to add: “Bitcoin to me is just a store of value.“
Nonetheless, ETH is down by -$250 to the $2,650 support level. If the price fails to hold here, it may well have more downside in the short term.
On Tuesday, the Ethereum price successfully cleared the resistance of a descending trend line at $2,620. The line, in place from the 18th of May, the day before the infamous ‘crypto crash,’ had been a strong area of resistance.
Therefore, once the price cleared it, buyers rushed in. This lifted the Ethereum price to the $2,900 resistance. ETH failed to hold the gains, and the price retreated to $2,660 before yesterday’s second attempt at $2,900.
ETH is now supported between $2,650 and $2,700. This area held well on the previous pull-back from $2,900.
If the price loses this support level, it may drop back to the trend line, which is now at $2,470.
However, if the Ethereum price manages to trade higher through $2,900, it may once again be knocking on the door of $3,000.
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