Ethereum reclaims pandemic era support of $3k by gaining 40% as of today. The second-largest currency is eyeing $3500 for the next leg up because psychological support of $3k can provide ground.
The whole crypto market is recovering from the recent bearish cycle which has been going on since last month. Flagship currency led this recovery by crossing a critical resistance level of $40k. At current, BTC is exchanging hands above $41k. Altcoins followed this move of the flagship currency. Ethereum reclaims the pandemic era support with a significant gain of 40%. The second-largest currency is eyeing for the $3.5k with prominent support at $3k.
Ethereum reclaims pandemic era support:
According to the CoinMarketCap, Ethereum reclaims pandemic era support but still, it is 38% behind from its ATH on November 16, 2021. The latest buying in the Ethereum market appeared as strong earnings from Amazon.com Inc. boosted investors’ confidence in riskier assets, including technology stocks and Bitcoin (BTC). The jobs report from the US can play spoilers for the whole crypto market.
Alex Mashinsky of the Cisco Network has predicted the outlook for the flagship currency and Ethereum. In an interview with Kitco News, the CEO predicted that we might see another correction in the coming days but for the future, he is optimistic. He believes that BTC will cross the $100k price mark while Ethereum will also trade from $6k to $7k by the end of this year.
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