Ethereum is back above $ 2,300 at the time of writing and is up 10.5% in the past 24 hours. Cryptocurrency traders know that sentiment around the cryptocurrency market can change rapidly and currently traders are wondering if they are in the midst of any of these changes.
There are more people talking about the potential and perhaps inevitable ETH / BTC flippening than ever before – the ETH / BTC pair is + 91.96% over the past 90 days and + 165% over the past 12 months.
The potential value of smart contracts and the future of web 3.0 are becoming more mainstream, however does this mean that the price of Ether will go to the moon in the short term and end the second half of 2021 on a bullish basis?
ETH is + 913% over the past 12 months against the dollar and if the UnitedSignals chart below works, the percentage could be much higher.
Ether’s 1D chart is super bullish above $ 2,217 and as long as the macro [BTC] remains sideways or bullish, ETH’s first target at $ 2,500 can be reached.
Ether’s 24-hour range is $ 2,212- $ 2,347. Last year ETH was at $ 238 on this date.
ETH’s daily close on Tuesday was $ 2,310 [+ 5.22%] and recorded its first green candle since Sunday.
Uniswap is perhaps the most shocking development of the past 12 months. Multiple airdrops have earned DEX lucky attendees thousands of free tokens in the past year, and the governance token has gained favor at least in part as a result – UNI is up + 2,094.7% since launch on September 16, 2020.
UNI had not yet launched at this point last year and hit an all-time high of $ 44.92 on May 3.
Despite a massive pullback with the rest of the market, UNI is now at 50% of its ATH.
Below is a UNI 1D chart from @ tendorian9 on Twitter, UNI broke above an important trendline and flipped $ 21 from above resistance to support resistance.
The first overhead target for bulls on UNI is $ 26 . An upside secondary target that traders will likely take profits at $ 29 .
A bearish scenario could look like a $ 21 retest that fails and falls below the trend line again. The next support zone for Uniswap below $ 21 is historically $ 16.
Uniswap is + 20% over the past 7 days and is one of the few altcoins that has made a breakout since bottoming out in the macro market.
Uniswap’s 24-hour range is $ 20.03- $ 23.23.
The close of Tuesday’s daily candle for UNI was $ 22.29 [+ 11.04%] and was the first close of the green candle since Sunday’s weekly close.