The overall market sentiment over the past day has been positive, with almost all tokens bullish, and ETH is no exception. Dogecoin, the king of emoji coins, has achieved a new milestone. There are now over 500K DOGE holders. On the contrary, despite the positive sentiment in the cryptocurrency market, Caldano's price is neither bullish nor bearish.

ETH is about to break through key resistance

ETH has retested the $29,500 level several times and may soon turn it into a support level as it did before. During this period, the leading cryptocurrency spiked nearly 14%. ETH has shown tremendous volatility in the past day as it has been trading between $25,900 and $29,100.

After a 20.1% increase, the trading volume now stands at $17.19B. With the market capitalization rising to about $346B, its market dominance stands at 19%. Technical indicators on the 4-hour chart confirm the strong price uptrend. Therefore, this suggests that ETH may soon break the $29,600 resistance level.

ETH 4-hour chart. Source: Tradingview

Ether has been showing strong bullish signs since the beginning of the week. After breaking through the $27,100 resistance three days ago, ETH hit a new high of $28,100. Despite temporarily dropping to the $26.1k level, ETH recovered again on Feb. 3. Between then and the time of writing, ETH has retested the $29,500 price level several times, gaining about 15% in the process.

However, ETH may establish a higher low with a slight price correction over the weekend before resuming its bullish momentum. It has already established a higher high. Unless there is a strong reversal of the current positive cryptocurrency market bias (which would lead to a significant price drop), expect ETH to continue testing the $3,000 price level.

DOGE prices have been struggling

Popular Chinese cryptocurrency journalist Collins Wu (commonly known as Wu Blockchain) revealed that the top Cryptocurrency Whale holds nearly 330 million dogcoins. Thus, indicating that the cryptocurrency whale is betting on DOGE. According to WhaleStats data, the whale wallet on the Coinan smartchain holds over $46.5 million worth of DOGE. The data further shows that DOGE is the fourth most used smart contract on the ethereum network.

As Dogecoin plans to move to a PoS platform, Buterin, CEO of Ether and member of the DOGE Foundation, revealed that he wouldn't mind deploying Ether resources to help DOGE developers achieve this goal. Surprisingly, the news of the transition from pow to PoS did not affect DOGE prices. DOGE prices have stagnated with the long side, while the short side has struggled to control the DOGE market.

Caldano continues to test the $1 level

The cryptocurrency market has rallied thanks to strong earnings reports from top U.S. stocks (especially Amazon), with the stock up nearly 15.5%. The huge volatility in the cryptocurrency market over the past few days has made it difficult for longs or shorts to maintain control of the Caldano price market. ADA bulls will intensify their efforts to push the price of ADA to the $1.21 price level, where traders can make substantial profits.