There’s quite a bit of ebullience in the crypto sector this morning, as both front-running cryptocurrencies mark special high value points.
For Ethereum, the second-place crypto blockchain, that’s an astounding $4000 per Ether unit for a cryptocurrency that could be bought at several hundred dollars just a year or so ago.
For Bitcoin, it’s a per-coin price of around $65,000, returning BTC to hit above all-time highs a couple of years ago – after Bitcoin went to $60,000, it then went as low as $30,000, cutting its value in half. Remaking all of those gains makes the coin attractive to investors.
At NewsBTC, Reynaldo Marquez, looking at ETH today, suggests Ethereum is at “FOMO levels.”
“(Ethereum) has blasted through the major resistance at $4,000 and moves fast into price discovery,” Marquez writes. “Ethereum records 4% and 14% in the daily and weekly charts, respectively. … In lower timeframes, Ethereum must hold above current levels to turn $4,000 into support and allow the rally to follow through in case of potential downside risk.”
Marquez also suggests ETH rises depend on Bitcoin, and specifically cites a new piece of crypto news as a main driver. We reported on it yesterday – it’s the emergence of a new ProShares Bitcoin ETF that finally has a green light from the SEC!
“The market has positively responded to (the new Bitcoin ETF) and has allowed Ethereum and Bitcoin’s price to surge with a spike in institutional demand, as several experts have pointed out,” Marquez writes. “Unlike some predictions, the ETF event doesn’t seem to be operating as a ‘Buy the rumor, sell the news’ or a trigger for another capitulation event.”
As for Bitcoin, Tony Spilotro, also at NewsBTC, cites RSI and other indicators as bullish signs.
“The recent Bitcoin ETF approval ended any second guessing or speculation over whether or not the bull market had ended, or if a bear market had began,” Spilotro writes. “Bear markets don’t have dead cat bounces that lead to new all-time highs.”
All things considered, this could be a good time to re-evaluate your coin holdings, with the following caveat: do your own research!