Ethereum (ETH) rallies above the $3,300 mark following the previous session’s gains. After testing the high, the world’s largest altcoin dropped lower and traded with a loss of 0.60%. Even so, the price has recorded a 3.16% gain over the past seven days.
- ETH shows bullish interest from the long-term support area of $2,900.
- Daily acceptance above the 200 EMA is essential to charting a new bull cycle.
- USDC stablecoin supply on Ethereum surpasses Tether (USDT) for the first time.
Ethereum (ETH) Blockchain Takes Out Its USDT Rival
Rival Tether (USDT) lagged behind the total supply of stablecoin USDC on the Ethereum blockchain for the first time. The current total supply of USDC on Ethereum is recorded at 39.92 billion, while it is 39.82 billion on the USDT blockchain.
On the technical chart, the descending trendline from the highs made on Nov 10 acts as a strong resistance hurdle for the bulls. The pattern of lower highs and lower lows has dragged the price to levels last seen in September. A bearish slope crossover and temporary resistance emerge at $3,500. A break above this level will spur a fresh bull run in ETH with the first target placed at horizontal resistance around $3,800. Technical indicators are still in the oversold zone. Any increase could see the price jump.
The formation of a bullish “hammer” candle from the low of $2,928.69 on January 10 has led to a 4-day bullish momentum. ETH bulls started booking profits from the high of $3,413.36 on Jan. 13. However, the bears failed to exert much pressure on the price. Furthermore, acceptance above the 200 EMA (Exponential Moving Average), which stands at $3,486 is a prerequisite to keeping the bullish sentiment intact.
Looking at the other side of the coin, a daily close below the Jan 14 low of $3,188.4 could be reason for bears’ rejoicing while tracking the critical support at $2,900 la.