Ether’s Recent Surge: A 2020 High
For the second time in two weeks, Ether (ETH) has hit a new high for 2020, soaring from $217.83 to $253.79, paralleling Bitcoin’s (BTC) climb to $10,346.83. Talk about timing! As Bitcoin finds its feet in the $9,700s, many altcoins seem to be doing the price dance, but Ether is holding its ground with a commendable 14.3% gain.
Altcoins’ Response to Bitcoin’s Rally
As investors rally around Bitcoin, many altcoins decided to play a little game of hide and seek. While most retreated in their BTC pairs, Ether pulled off a magic trick, keeping its gains intact. This resilience is putting a sparkle in investors’ eyes, regardless of the occasional drama on social media!
What Scammers Are Up To
In a twist of fate, news broke that scammers associated with the PlusToken Ponzi scheme have transferred a staggering 12,423 BTC to a new wallet. It seems they’re up to no good again! Experts like Chiachih Wu are suggesting these coins are headed to cold storage, while social media pundit Sue Zhu hints that this time they’re breaking the coins into smaller amounts. Sneaky!
Despite FUD, A Bullish Trend Emerges
Put the fear, uncertainty, and doubt (FUD) aside! Despite the recent drama, the crypto market is showcasing sturdy bullish tendencies. BTC has gained 47.86%, Ether has surged 92.39%, and XRP is enjoying a nice rebound of 53.29%. Yes, folks, it’s a wild ride, and we’re here for it!
Ether’s Progress: Charting the Movement
Let’s dig into the charts! The bulls are in charge once more, as Ether recently reached the coveted $240 mark. Traders are eyeing an ambitious target of $270, with hopes riding high on a potential jump to $280 if volume cooperates like a well-behaved child at a dinner party. But, hold your horses — due to the overbought RSI hitting 84, some caution is wise. Remember, what goes up must take a breather.
Potential Pullback and Support Levels
Every rollercoaster has its ups and downs. Traders know that taking profits might lead to a temporary dip for larger-cap coins like Ether. Speculatively, a return to the 23.6% Fibonacci retracement could see prices fall back to $227. Strong support levels are lurking below at $230, $226, and $222, ready to catch Ether should it stumble. Just watch for that ominous Bollinger Band arm lurking around $210.66!
Analyzing the ETH/BTC Pair
The drama isn’t limited to ETH/USD; the ETH/BTC pair is also on the upswing! A golden cross between the 50 and 200-MA lines looks imminent. Traders are nervously waiting to see if Ether price will skyrocket to 0.02530 satoshis. But fear not, there’s support near 0.02241 satoshis, just in case the price decides to play a sad song and fall back a bit.
Final Thoughts
As always, tread lightly in the high-stakes world of crypto investments. With the market being as unpredictable as a cat in a room full of laser pointers, staying informed is a must. Remember that every investment has its risks — conduct your research before diving in!
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