As ether tops the $3,400 barrier, it's showing little resistance in its path toward a new all-time high, analysts say.
Ether ETHUSD, +1.22% broke above $3,400 on Tuesday for the first time since May, as the mainnet of Ethereum layer 2 scaling solution Arbitrum One, which aims to allow the network’s users to transact with lower fees, opens to the public.
Meanwhile, bitcoin BTCUSD, +0.68% was trading at $46,996 Tuesday evening, down about 2% during the past 24 hours.As ether tops the $3,400 barrier, it shows little resistance in its path toward a new all-time high, crypto analytics firm IntoTheBlock wrote in its Telegram channel. In May, ether peaked at $4,372.
The long-term outlook is also bullish, according to Katie Stockton, founder and managing partner of Fairlead Strategies. “Long-term momentum is strengthening and trend following measures like the 200-day MA and weekly cloud are rising,” she wrote in Monday notes.Despite that, bitcoin has been trading sideways, “once initial resistance is cleared, which we expect beyond the very near term, targeted resistance would become the all-time high near $69K-$70K,” Stockton wrote.
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