Ethereum is up another $50 today, from around $550 yesterday to a recent high of $620 before somewhat settling at around $605 at the time of writing.
Its trading volumes are up to nearly $3 billion, while its transaction volumes are nicely rising now to around 830,000.
Ethereum has a bit of a soft spot for 20s. Its first all-time high (ATH) was at around $20. Its second all-time high was at $420. And its current ath is at around $1,420.
Moreover, in price movements, it too seems to fear less whole numbers, such as 600, and more the 20s. So it is no surprise it is facing a bit of resistance at $620, and if it can overtake it, then we’ll have to wait and see how scared it is of $720.
The currency is very much leading, for once. Or so it feels. It goes up, bitcoin grumpily follows. It goes down, bitcoin runs away like a scared cat.
You can see that on the chart above. Especially that most recent big green candle before the little cross. If they could speak, it would probably say: urgh comman everything rising we gotta rise too yehhaa what you guys why waaa.
It couldn’t hold of course, immediately so anyway. Because eth 620? Or because btc 9,000? We suspect the former, but we don’t know.
It is Saturday, and on Saturdays price kinda, it feels anyway, that price sort of always kinda falls a little bit.
That used to be reserved for Sundays, but we are sad enough to count the candles and Sundays do seem a mixed bag, even maybe green biased, even during bear reigns. Saturdays, however, reee…
We like logics here, so, the commonsensly explanation is that Saturday is the first “off” or “cooling down” day of the week. So fewer people buy, but then you’d think just as fewer people sell in an equilibrium. Why should buyers have the day off and sellers not?
Well, then, you’re ruining our theory! So if we go to level two… a a a. People are lazy aren’t they. It is Saturday, their day off, they don’t want to think, but be “impulsive” instead. So what is their bias. Well in a bear market, it is sell. So are we still bear market?
You know, we type dates a lot. And today we typed 17 instead of 18. Really!? It’s April, four months in, and our brain still thinks 17?
It goes too fast, it goes too fast. Bear market one day, bull run another. Can’t explain that.