Ethereum rose to more than $1,350 today, nearing all time high as the currency jumped from testing $1,150 to now trading at $1,300.
Its market cap has reached $150 billion as the currency rises some 60% this week, nearly doubling from $700.
The question is of course just how it will take all time high if it does indeed take it, with that being the biggest resistance line yet.
Bitcoin has been kind of sidewaying after reaching $40,000. It fell a bit as eth rose perhaps because ethereum’s ratio jumped by 10% from 0.03 BTC to nearly 0.033.
The current level here is a resistance line, a place of strong support on its way down and now a level to be taken.
With bitcoin sidewaying at $40,000, eth near all time high, and ratio at resistance, it may just relax here a bit and chill out.
On the other hand significant funds are flowing into eth, $4 billion for just GrayScale, with it also awaiting the launch of ethereum futures on CME next month.
Such futures did wonders for bitcoin’s price prior to launching in December 2017, but that was a first and the beginning of bitcoin’s integration into traditional finance.
As the only other crypto to get such futures and soon enough options too, ethereum may also be integrated alongside bitcoin, making it very much a story of bitcoin and eth.
However, you’d expect some struggle at taking ath as that’s quite a milestone, with eth maybe ranging but who knows.