Aaryamann Shrivastava
FXStreet
- The PayPal and MetaMask partnership will allow US users to buy and transfer Ethereum seamlessly.
- Ethereum price is inching closer to reclaiming its critical resistance at $1,432 with bullish support.
- If the buying spree slows down and the price tumble again, $1,187 would act as Ethereum price’s critical support, losing which would invalidate the bullish thesis.
Ethereum is one of the most in-demand cryptocurrencies when it comes to crypto payments and purchases, along with Bitcoin and Litecoin. PayPal is making the most of this opportunity by integrating its services with MetaMask in an effort to provide its users with more options to move their assets.
PayPal collaborates with MetaMask
PayPal, in a press release on Wednesday, announced that the payments platform had partnered with crypto wallet service provider MetaMask. PayPal will be integrating its buying, selling, and holding services with the wallet company.
This will allow users to use their PayPal account as a means of payment for buying Ethereum (ETH) from the MetaMask app itself.
Commenting on the same MetaMask developer ConsenSys’ product manager Lorenzo Santos stated,
“This integration with PayPal will allow our US users to not just buy crypto seamlessly through MetaMask, but also to easily explore the Web3 ecosystem.”
Through the partnership, transfers and purchases involving ETH will become seamless. However, the service will take a few weeks before it reaches the users in the United States.
Ethereum price looking to climb the charts
Ethereum price has maintained its uptrend for the last couple of weeks and has managed to rise from the lows of $1,083 on December 21 to trade at $1,314 at the time of writing. The cryptocurrency is now closer to tagging $1,400 in the coming days.
In order to begin a recovery rally, Ethereum will have to reclaim $1,430 as a support floor which will only be possible if ETH breaches its immediate resistance at $1,352.
If the red candle bounces off of its immediate support level at $1,306, it might have a chance at making the aforementioned happen. According to Parabolic Stop and Reverse (SAR) indicator, the altcoin is in an active uptrend which is a good sign for recovery.
ETH/USD 4-hour chart
However, a change in winds could cause a downfall in Ethereum price, causing the altcoin to fall through multiple support levels. The cryptocurrency could bounce off the critical support at $1,187, but the bullish thesis would be invalidated if it loses this level. Consequently, ETH would end up tagging the lows of $1,145.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
Ethereum dips slightly amid Renzo depeg, BlackRock spot ETH ETF amendment
Ethereum (ETH) suffered a brief decline on Wednesday afternoon despite increased accumulation from whales. This follows Ethereum restaking protocol Renzo restaked ETH (ezETH) crashing from its 1:1 peg with ETH and increased activities surrounding spot Ethereum ETFs.
Injective price weakness persists despite over 5.9 million INJ tokens burned
Injective (INJ) price is trading with a bearish bias, stuck in the lower section of the market range. The bearish outlook abounds despite the network's deflationary efforts to pump the price. Coupled with broader market gloom, INJ token’s doomed days may not be over yet.
US intensifies battle against crypto privacy protocols following crackdown on Samourai Wallet
CEO Keonne Rodriguez and CTO William Lonergan of Samourai Wallet were arrested by the US Department of Justice (DoJ) on Wednesday and charged with $100 million in money laundering on a count and illegal money transmitting on another count. This move could see privacy-focused cryptocurrencies take a dip.
Near Protocol Price Prediction: NEAR fulfills targets but a 10% correction may be on the horizon
Near Protocol price has completed a 55% mean reversal from the bottom of the market range at $4.27. Amid growing bearish activity, NEAR could drop 10% to the $6.00 psychological level before a potential recovery. A break and close above $7.95 would invalidate the downleg thesis.
Bitcoin: BTC post-halving rally could be partially priced in Premium
Bitcoin (BTC) price briefly slipped below the $60,000 level for the last three days, attracting buyers in this area as the fourth BTC halving is due in a few hours. Is the halving priced in for Bitcoin? Or will the pioneer crypto note more gains in the coming days?