Ethereum is up by nearly $100 since yesterday, rising from $500 to nearly $600, trading currently at $585 at the time of writing.
Its volumes are up to $2.5 billion, its market share is up to around 15.5% of all cryptos. While its transaction number are up too, above 800,000 for the first time since what feels like centuries (Feb 20th 2018).
Why is this rising? Well, first, there’s a cup and handle as can be seen above (a few actually). There’s the very big one, then the more recent smaller one.
If we common sensly analyze the big one, that’s saying bears sold, but then they had none left to sell, so there was a bit of sideways, with bulls then buying, so making a little nice cup.
The interesting bit here is the handle. After bulls bought some, bears tried to sell again in a sort of last attempt, but they had so little left, they barely moved the price to only give a handle. So then, the textbook prophecies say, bulls take charge and bears make their way to the caves.
That’s, of course, complete speculation as no one can really predict the price, but had you bought when we noticed this cup and handle last week, then you’d probably be happy.
The real reason why this is rising, however, is because of what this ethtrader says at the great daily gathering of ethereum traders:
“Sold at $450 waiting for the dip. I quess we are going to hit $1000 next week because I don’t have a single ETH right now. BUY the TOP sell the BOTTOM !! SPARTAAAAAAA”
We joke, of course, because it’s far too sunny here in London, we can’t do that serious stuff anymore (joke again).
Ok, ok, the real reason why price is rising is because ethereum’s ratio has hit the bottom (we’ll stop joking when least expected).
Nah, the real, real reason why price is rising is because it fell, so then it had to rise. That’s how it works right? Or is it because it’s 4/20 today?
Could just be because sentiment changed. It fell, why? It rises, why? Can’t explain that. Nothing really changed to make it fall, but something might have changed to make it rise, especially in eth.
The dapps are out. Well, some of them. Including one where you don’t have to ask why it rose or why it fell because it prefers a beautiful straight line:
That means ethereum is now entering a new stage of web3 dapps where the platform is usable for actual stuff, a lot of stuff.
There are more than 1,200 dapps currently running on eth’s blockchain, and around 550 of them are actually live and usable.
That probably means people need or want eth to do stuff with it in all these dapps running around its blockchain space. And since when people buy eth, price rises, then maybe that’s why it’s rising. But, we don’t know, it could be the moon cycles or something.
The question now is where’s the price going? And the answer to that is where it does go (ok now stahp it!).
We don’t know, of course, but can we say bull market yet? Is a big bull run on the trail of that cup and handle underway? Is Fred Wilson buying back in after he presumably sold, at least some of it, in January? Charlie Lee hasn’t yet, but will he regret that?
So many questions, so few answers, because we’re dealing with probabilities here, not science. What are the chances this doubles, what about 10x? What are the chances it halves and bears do take $300 (probably nill save some black swan, but what do we know).
Based on those speculative chances you pick out of thin air yourself, it may very much be time to place your bets, because when the train leaves in this space, or the rocket as kids say nowadays, you won’t catch it.