Ethereum has risen above $1,700 for the first time, up from a low of $1,550 yesterday to currently trade at $1,715.
Its credible volumes are maintaining an increased level of $7.7 billion while unfiltered volumes stand at $45 billion.
The weekly candles moreover look quite a bit interesting because it seems to show a very nice cup and handle.
A cup and handle is a very bullish technical indicator because after selling and selling, that stability for much of last year indicates no one was left to sell.
Bulls thus try their luck, and at about $1,200 bears give it a try, sending the price briefly down to $900 and so giving us the handle.
Alternatively you can take the price at $1,400, with its drop to $1,200 giving the handle to this gigantic cup.
If we go by technical indicators alone, then the field is clear here for… well the moon basically, somewhere around $20,000 just because that was bitcoin’s previous moon.
That’s in the ‘long’ term, which in this space generally means a year or so, but obviously no one can predict these things.
What is occurring however is a very big influx of ‘retail’ stock traders who are finding out there’s a whole big space here with all sorts of tokens and cryptos, or shares as they call them.
Compared to the utterly slow stock movements, eth and the like are a completely different game where hold is not a joke but a necessity because no one can halt trades here. Giving diamond hands a very different meaning to easily dilutable stocks where no one cares about your hands.
This big introduction to the crypto space is probably the main driver of the price appreciation currently, but there are plenty more.
The biggest is probably the halvening, which where miners are concerned has not even gone into effect yet as we analyzed last week.
That contrasts very well to the big increase in supply in fiat money, leading to an increasing adoption by conservative and sophisticated institutional investors which are coming in the billions.
That demand drives the increased integration in traditional finance with ethereum futures to launch on CME next week.
To top it all, defi is booming with a quiet revolution goin on there that is automating finance, all running on ethereum.
So the currency is rising with it probably beginning to enter mainstream awareness although anecdotally no one seems to have heard of eth yet – while everyone knows bitcoin – as far as the ordinary people down the street are concerned.