ETH Price Trading Above $2,000, Mark Cuban Says ETH Is ‘Closest to a True Currency’
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ETH price is now up 1365% in the past year and over 33% in the past one month according to CoinGecko.
ETH price has begun April on a positive note after consolidating for the past two months. The asset just broke above the $2000 level for the second time on the higher timeframe. According to market data provided by Coinmarketcap, ETH price was hovering around $2,000 after adding approximately 2.64% in the past 24 hours, while some prominent investors, including Mark Cuban, believe in its potential.
The asset remains the king in the smart contract industry and also the DeFi ecosystem despite the challenges of high transaction fees and slow processing speed.
Having done away with the $2000 resistance level, ETH will now enter the price discovery zone. The buying pressure that has accumulated will determine the fuel in the next bull rally. According to Sheldon McIntyre from Fxstreet, ETH is now headed to $2500 based on his technical analysis.
“Even if resistance does emerge, traders should be prepared to raise their profit targets to the 1.382 and 1.618 Fibonacci retracement levels at $2,327.41 and $2,504.09, a gain of 24-34% from the breakout price of $1,857.00. It would be near the 37% measured move of the symmetrical triangle at $2,559.00,” noted McIntyre.
Mark Cuban on ETH
ETH has attracted notable investors who are interested in decentralized finance and also the smart contract aspect of blockchain technology. One notable investor in the ETH ecosystem is Shark Tank billionaire and Dallas Mavericks co-owner Mark Cuban. In a recent episode of the Delphi Podcast, Cuban revealed that his crypto portfolio is approximately 30% ETH, 60> BTC, and 10% the rest.
According to Cuban, the smart contract aspect of the ETH ecosystem makes the asset a true currency. “smart contracts and the fact that they’re decentralized” means “there’s no one in charge right there, the governance is completely different. That’s what changed the game,” he explained.
Cuban further explained that BTC has more aspects of a store of value than currency and continues to eat away the Gold market share. “With BTC, you could do transfers. And that was great. Right. And it was a store value and that was awesome. It’s a better alternative to gold, which is phenomenal. It’s taking money away from gold and it’s going to continue. And that’s why I own BTC, but that’s one thing, that’s not really where it compares to the Internet.”
As the ETH price tops $2000, its market capitalization has jumped approximately 3.14% to $231,369,885,728 according to Coinmarketcap. In the past 24-hours, ETH has recorded an average trading volume of $31.6 billion. ETH price is now up 1365% in the past year and over 33% in the past one month according to CoinGecko.
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