Ethereum is up about $500 in the past 24 hours, reaching a new all time high above $3,500 with it to be seen whether that too is another temporary high.
That’s because the currency has been very bullish, and to the surprise of some, has survived a war-ing night.
Shanghai woke up in a mood as you can see above where it says 4, at which point many bulls really wanted that may force as bears charged at 12am UTC.
At first gently, down from $3455 to a brief $3340 with it up again to $3420. At which point we get a very fast vruu downwards with tradingview crashing while Coinbase was dropping by jumps of ten dollas.
This thing went in precisely four minutes from $3390 to $3207 before quickly jumping first to $3270 and then a local peak of $3320.
At that point you either were rekt or made enough buks so time for bed, but this thing went downwards, this time slowly, to then a brief $3180 aaaaaa.
That was it for the bear show. Up $3408, down $3281 and at the time of writing up to $3517 (wow).
What all this means? Ethereum is in price discovery and has gone a bit nuts. The field is clear so no one knows where the bear barricades or the bull charge or nuffin.
It’s like going to Americas in the 1500s. You think it is India, but there’s loads of gold, and sometime you get tribes reking your stuff.
Here, you think $2700 is already high but you’re at $3500 and this thing don’t care, then this time we got the bear attempt which you’d think would mean it’s the end, but this thing is now at a new all time high.
To be fair, however, a logical thought would have been a test of $3,000, which we kind of got, so clear off.
To where? Well it gotta properly take $3,500 first. It may well be to that. If it takes it, maybe $4,000.
Now we all know the fundamentals. People are trying to price in this eip1559, there were some gas improvements, a little bit of more capacity, PoS coming, environmentalists (fake or real) get to hear about eth while they ree about bitcoin, some companies are even buying eth.
Great so the price isn’t being stupid, there are reasons, and so hopefully it should keep many of the gains, but what might the price do njow.
This beautiful chart you’d think would be a little bit of help, but we’re not too sure. Eth has kind of been following it, but the bit highlighted there has bitcoin go from $3,000 to $1,800. Then just a bit earlier, so around end of May 2017, it goes from $2,700 to $1,800.
Close, eth went from $2,500 to $1,900, but there’s no proper $3k crash. Instead it went straight to $3,500 with just a ‘little’ bear play last night, no propa rektaty.
So maybe if we add 1400 and 1400 and 1400, we get 3200 crash, but nope. It’s $3,500 and not crashing.
Then by the laws of physic $4000 should be a proper nice crash, if it gets there. Or the bear fight last night was enough to spook and it turns here.
Alternatively maybe this crashing thing was done at $2000s. Rekt first time it touched it, rekt twice from $2500, so now maybe it clears off straight to $5k in which case defo crash.
Or the fact we talking about a crash means no crash until we think it’s not gone crash, but we’re not quite new paradigm mania for that as you’d think that sort of thing would be a real crash, you know the two years of ree.
No time for prisun brov, we just got out. So ‘logically’ at some point everyone gone rush through the door, and then everyone gone rush back into the door, and we’ll call it a ‘crash’ and then get off to 5k and repeat the summer fun. The big question being whether that $3k dip was it.
Time will tell. To the kids (noobs, wut’s margin, there are greeks?, a bot like a robot?) we’d say don’t play – just hodl it. To the rest, enjoy the fire games.