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.
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