Bulls take the lead as top cryptocurrencies show strength | Sophia Lopez | Coins | February 2024

The cryptocurrency market is flashing green this week, with major coins such as Ethereum (ETH), Uniswap (UNI), Filecoin (FIL), and The Graph (GRT) leading the rally. Bitcoin held above the key $50,000 level, giving the altcoin a tailwind to surge higher. In this blog, we will analyze the price movements and market dynamics driving these top cryptocurrencies, share our personal views on how things may play out in the future, and answer some frequently asked questions about the state of the market.

Ethereum has been on a meteoric rise over the past month, trading at around $3,100 at the time of this writing, up 35%. Ether with a clear upward trend making higher highs and higher lows.

The optimistic case is supported by:

• The moving averages are rising significantly and the 20-day EMA is at $2,800, providing a floor for any decline.
• Oscillators such as RSI in overbought territory indicate strong upward momentum.
• Whale Accumulation Increases, Suggests Smart Money Expects Higher Prices

In case of strength, ETH could see further gains towards the psychologically important $3,300 level in the near term. The next major resistance level is around $3,650, which would set a new all-time high.

For bears, the first support level is $2,850. Below that, the 20-day EMA and 50-day SMA would need to hold around $2,700 for the uptrend to remain intact. If ETH loses that level, we could face a deeper correction towards the 200-day SMA around $2,100.

personal take

I remain strongly bullish on Ethereum given the upward price momentum, increased network usage, and future upgrades that will result in ETH deflation. Layer 2 scaling solutions can also help alleviate congestion issues that slow adoption. As the hype grows around web3, NFTs, DeFi, and the Metaverse, we expect Ethereum to continue to outpace Bitcoin and solidify its position as the leading blockchain for decentralized applications.

Uniswap posted an impressive 17% breakout this week, clearing overhead resistance of $8 to reach prices not seen since last spring. transaction…