The Chart for Ethereum Still Favors the Bulls

Ethereum, Bitcoin and other cryptocurrencies continue to trade well, with most up massively on the year. 

In fact, many are fresh off new all-time highs or are just below those highs made earlier this year. It’s prompting many to ask what’s next for this asset group.

For Ethereum, the cryptocurrency has a more recent catalyst catalyst: NFT. The market for NFTs – or non-fungible tokens – has taken off.

We’ve seen athletes like Eli and Peyton Manning, artists, musicians, producers and more getting involved as the market has gained sudden momentum.

In the NFT market, cash isn’t king, Ethereum is. It’s the currency customers pay in and the currency that merchants accept as payment.

I think that’s helping to keep a bid in Ethereum and may even act as a catalyst to take it higher. Let’s look at the charts.

Be sure to keep up with The Street’s crypto coverage here.

Trading Ethereum

Daily chart of Ethereum.

Chart courtesy of TrendSpider.com