Cryptocurrencies are trading higher today with Bitcoin and Ethereum trading over 3% higher. Solid performance of digital assets today can be partially reasoned with news from Asia. South Korean ruling party is reportedly seeking to delay introduction of cryptocurrency capital gains tax while Singapore plans to become a global cryptocurrency hub by adopting strong regulations and offering incentives to fintechs. Last but not least, cryptocurrencies are also supported by upbeat views of big banks with Goldman Sachs recently forecasting Ethereum price at $8,000 before year's end.
A look at ETHEREUM chart shows us that the coin has found a support in the $3,950 area last week and has broken above the peak from May later on. Following a brief, downward correction, price caught a bid again today and move to fresh all-time highs. The upper limit of the upward channel should now be viewed as the near-term resistance.
Source: xStation5
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