Shark Tank star Mark Cuban recently aired his thoughts on Ethereum’s upcoming “Merge” upgrade. He pointed out how Ethereum’s utility as a smart contract platform and as a deflationary asset are at odds. In an interview with Altcoin Daily on Sunday, Cuban explained that there is an inverse relationship between deflation and utilization of Ethereum. “If utilization goes up, and the value of a token goes up, then the cost to do something goes up,” he explained. “So you have…
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BTC Shows Potential Upsurge while ETH Could Meet A Huge Decline
The BTC/USD pair gained some traction yesterday surging over two barrier levels ($6,980 and $7k). At the moment, the pair is trading above the $6.5k and $7k barrier levels.
Medium-Term Uptrend
The pair’s hourly chart shows that a robust barrier towards the upside awaits near the $8k level and 100-day SMA. Again, the chart indicates the formation of a key declining trend line whose barrier is close to $7,880.
A medium-term uptrend could emerge depending on the buyers’ ability to move the pair over the $8k barrier and the 100-SMA. The nearest significant barriers are close to $8.8k and $9k. Any movements above these could see the pair’s price rise to $9.5k.
Breakout Area
Similarly, it’s possible that the pair could decline to levels close to the $8k barrier. The price could recede if buyer support fails at around $8k or $7,880.
The first support is around the $6.8k level which is the latest breakout area. Additionally, the key support is currently close to the $6.5k mark and additional declines would see the price move towards $5.5k.
ETH/USD Pair Price Analysis
In the last few sessions, the ETH/USD pair rose sharply to trade over the $150 barrier. The pair experienced an upsurge taking the price over the $165 barrier.
It continued to rise beyond the $170 price level. However, it is likely to encounter a strong barrier close to $175 and the 100-day SMA. Looking at the pair’s hourly chart indicates a critical declining trend line forming with its barrier near $182.
Short Term Uptrend
The ETH/USD pair could attain a medium-term uptrend if it overcomes the barriers at $175 and $182.
The immediate major barrier is near the $190 mark. Movements above this would see buyers testing the $200 hurdle. Further upsides may take the pair towards $220 in the short term.
Downward Retracement
Conversely, the pair’s failure to move above the $175 and $180 could result in it retracing to a lower figure. The first downside support is near the $160 mark.
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Currently, the pair’s initial key support is close to $150 and an attaching buying trend line. Another dip could be in the offing should the pair close below the $150 support level. The charts indicate major support near $124.
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