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ETH rose 2% on Tuesday, becoming the top gainer among the #10 cryptocurrencies.
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ConsenSys announced the entry of PayPal on MetaMask for ETH purchases.
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ETH remains subdued by resistance at $1,250 and moving averages.
Ethereum (ETH/USD) was the top gainer among cryptocurrencies in the top 10 by market cap on Tuesday. ETH rose more than 2% on the day, even as most tokens remained in the red. The gains come amid positive cryptocurrency news and as technical indicators realign.
According to the latest announcement by ConsenSys, PayPal is entering the crypto wallet MetaMask. ConsenSys said that MetaMask users in the US would be able to purchase ETH on PayPal. The move allows MetaMask to become the first Web3-focused wallet to integrate PayPal for on-ramp transactions.
ETH purchases via PayPal on MetaMask may have boosted ETH’s price, which was already struggling at $1,200. Meanwhile, Ethereum co-founder Vitalik Buterin has mentioned crypto wallets as one area that carries a “huge” opportunity in crypto. As if to laud MetaMask, Buterin says investors can reap big by building a wallet that billions of people can use. Other opportunities that Buterin recognises are building stablecoins and using crypto to unseat big tech over the internet.
ETH becomes slightly bullish, but resistance at $1,250 adds pressure
A daily chart technical outlook shows ETH on a slight upside but trapped by resistance at $1,250. In the latest price surge, ETH was rejected at the 50-day MA despite piercing through $1,250.
ETH remains at the mercy of bears as long as the price is below $1,250 and the moving averages. The RSI reading also shows that bears are in control of price. The level at $1,200 also offers minor support, and bulls could have been attracted, leading to the intraday gains.
ETH – What to watch for?
A break above $1,250 and moving averages are the immediate price action to watch for ETH price. On the bear side, ETH could become more vulnerable if the price crashes below $1,000.