Of the major cryptocurrencies, Ethereum has had a solid bullish day. Crypto analytics platform is reporting that the activity in Ethereum addresses has surpassed those of Bitcoin for the first time ever. This is not entirely surprising, as the cryptos that tend to withstand the storm happen to be those with varied applications and real-life use cases.
The fact that the likes of Jim Cramer are buying Ethereum and not Bitcoin shows some level of trust in the recovery ability of the token. Ethereum could end the day at 6.14% higher.
Ethereum Price Prediction: What’s the Outlook?
Ethereum’s rise is testing resistance marked by the 2143.44 price mark, and the channel’s upper border. A break of these clears the way for Ethereum to make a run towards 2439.10 (previous neckline of the 20/25 April double bottoms). Above this level, 2634.94 (9/15 June highs) and 2882.47 mark additional upside targets.
On the other hand, if Ethereum is repelled at the current resistance mark, 2047.27 and 1935.79 become the immediate downside targets. 1844.20 and 1737.45 also line up as potential targets to the south if there is a more extensive price decline.