NBA Star Tyrese Haliburton Embraces NFTs, Ethereum as Gateway to Crypto

NBA All-Star Tyrese Haliburton has expressed interest in cryptocurrency investment, particularly Ethereum (ETH), which he discovered through his involvement with NFTs. Despite a recent setback in ETH's price due to SEC investigation rumors, Haliburton remains optimistic about its long-term potential and considers Bitcoin the "blue chip" of the crypto industry.

Tyrese Haliburton: NFTs Gateway to Ethereum

Tyrese Haliburton, the NBA All-Star, revealed his interest in cryptocurrencies and his initial foray into the realm through Ethereum and NFTs. Speaking at the Coinbase Moonshot event alongside Mac McClung, the 2024 NBA Slam Dunk Contest champion, Haliburton shared his experiences and perspectives on the crypto landscape.

ETH's Volatile Week: SEC Investigation and ETF Uncertainty

The ETH/USD pair endured a turbulent week following reports of an alleged investigation into the Ethereum Foundation by the US Securities and Exchange Commission (SEC). While the news ultimately proved to be a manipulation tactic, it sparked concerns about the potential impact on the approval of a spot ETH ETF.

Haliburton's Crypto Journey: NFTs as Catalyst

The Indiana Pacers point guard acknowledged Bitcoin as his initial introduction to the crypto world. However, it was his involvement in NFT projects that led him to discover the Ethereum blockchain. Haliburton's passion for NFTs prompted him to invest "heavily" in Ethereum, despite his limited time for active trading.

NBA Stars Embracing Crypto

Haliburton's enthusiasm for crypto extends beyond NFTs, as he expressed openness to investing in the sector. McClung also indicated a willingness to explore cryptocurrency investments. Notably, Haliburton views Bitcoin as the "blue chip" of the crypto space.

Crypto and NBA: Partnerships and Integration

Cryptocurrency platforms have forged partnerships with numerous NBA teams. Crypto.com, for example, secured jersey patch deals with the Philadelphia 76ers and naming rights for the Los Angeles Lakers' arena. Other collaborations include StormX sponsoring the Portland Trail Blazers' jerseys and FTX's former partnership with the Golden State Warriors. Additionally, the Sacramento Kings and Dallas Mavericks have embraced crypto payments, and the NBA operates its own NFT marketplace, NBA Top Shot.

ETH Price Stumbles: Resistance and Support Levels

ETH price faces challenges in surpassing the $3,300 resistance level after a surge of over 13% on March 20, the date of Haliburton's interview. Concerns over potential SEC delays in ETH ETF approval could lead to further losses, with ETH experiencing its largest single-day drop since November 2022 on March 19. The token's relative strength index (RSI) has retreated to the neutral zone, indicating potential for a sell-off.

Outlook: Bulls vs. Bears

If the sell-off persists, ETH price may descend to the $3,100 support level, attracting short traders. Breaching this support would confirm a downtrend, pushing ETH price towards its 100-day EMA (exponential moving average) support near $2,870. Conversely, a rally from current levels could encounter resistance near $3,560. Flipping the immediate support into resistance could pave the way for a rally towards $3,840 before a potential retreat.