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ETH Spotlight: Remarkable Bull Run! | BTC, UNI, MKR, SOL Analysis

22 Apr, 2021 Martin Petkov
ETH Spotligh

Hello and welcome, everyone. It's Martin here with CryptoGains. Definitely today, one of the best performers is Ethereum. We're just going to discuss some of the reasons behind that. One of them is that it settled transactions worth $1.5 trillion in Q1 of 2021, and this is actually more than all the transactions that it settled in 2020. So we can see that substantial increase in the transaction volume, which indicates a lot of trust and confidence, into the Ethereum network, which is likely to support the cryptocurrency going forward and drive prices higher.

Another major performer of the day is Solana, which has grown by 230% on a year-to-date basis, and we're going to take a look at the technical charts in a moment and see how we can trade that.

So let's begin with Bitcoin versus Tether on the one-hour chart. The critical pivotal level is $53,400. Above that level, opportunities to buy Bitcoin, with targets at $54,000 and $54,700. However, if we decline below that level, I'm seeing more downside, with the target at $52,750.

Let's now take a look at Ethereum. The pivot point for Ethereum is $2430. Above that level, opportunities to buy, with a target at $2490. We may face strong resistance here before potentially breaking into new all-time high territories. However, below $2430, to me, the downside prevails, with targets at $2380 on the short side, nearest support, and then the next support level is $2345.

Let's now take a look at Uniswap. Looking at Uniswap, we're clearly in an uptrend, with higher highs and higher lows. However, this previously very strong resistance area has now turned into a support, and ideally, I'm waiting for a break above $37.10 before initiating long positions, with targets at $38 and then $39. Conversely, below the level of $37.10, the downside will prevail, with targets at $36.25 and $35.50.

Now let's take a look at Maker, which is also making significant gains today. For Maker, we have very strong support at $4530. Above that level, I’m looking to buy Maker, with targets at $4725 and $4940. Conversely, if we break that critical support level at $4530, we could decline to $4400 and then further down to $4250.

And finally let's take a look at Solana. Solana is not a strong performer of the day. However, we can see that, currently, we're below the critical pivot point, so under $36.30. I see the downside prevailing, with targets on the short side, $35.60 and $34.80. Conversely, if we break above that level, the next reasonable target is near the all-time high, $37.80. But then we could target all the way to a new record of $40, as long as we break that critical $37.80 level.

So these are the ideas for today. Keep learning with the video education section and the CryptoGains marketing site subsection. And remember to join the Crypto Signals Made Easy channel for lots of insightful articles in trading ideas. Thanks for joining me today. Trade wisely, and I'll see you soon.

Bye-bye.

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