The price of Ethereum booms 10% today with the coin continuing its good week, marking a 66% increase over the past seven days. ETH is now approaching a new all-time high but let’s first see more about the latest price increase in our ETH price news today.
In a little over an hour, the price of the Ethereum booms to $1280. This is extremely close to the new all-time high that ETH set last time in 2018 of $1432. The rest of the market is also doing well since the global market cap surpassed $1 trillion for the first time earlier this week because of Bitcoin’s success that led the coin towards $41K. the price of BTC increased by 25% this week alone.
Most of the price increase was made about a supposed claim from an ETH whale that had a long position of over $1 billion on Bitfinex. Claiming the long position on the exchange means to pay off the loans that were taken out in the first place to increase exposure to ETH, to keep holding the asset. Some observers believe that this means that a whale whose sudden dump could harm the market, intends on keeping the ETH because they expect the bull run to go on. Darious sit, the founder of QCP Capital, said that the whales are just making a profit and that he will not read into it any more.
~1.4MM ETH ($1.7B) long claimed on BitFinex. Was being built since Feb-March. Majority of the size was put on sub $200, over $1B in pnl.
Interesting time to close 1 month before CME futures and launch and below ATH but at $1200 level of interest. pic.twitter.com/ZUMmHyGvoq
— light (@lightcrypto) January 9, 2021
Over the past week, BTC and ETH saw major rallies against the US dollar. Ethereum’s price even surpassed the $1110 resistance zone and settled in the 100 simple moving average. ETH price tested the $1290 zone next and immediately after started consolidating the gains. There was a minor decline but the dips remained above the $1190 level. A new swing low was formed near the $1065 level before the price went on a new increase. It broke the $1200 level to get into the positive zone but there was a break above the key contracting triangle with the $1240 level on the 4-hour charts of the pair which speed up the gains and the price managed to shoot past $1300. Ethereum’s price tested the $1340 zone but closed to the 1236% fib extension level of the downward movement of the $1290 swing high to the $1065 low.
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