Crypto markets are on fire just a few days after the bitcoin halvening event. Meanwhile the NASDAQ is down 450 points from a high of 9233 on May 12, to a low of 8782 on May 13. Ethereum broke through the $200 ceiling, after dipping to $186 on May 11. Currrently valued at $202.52, ETH is also building support after a 10% drop on May 9th. It may creep back up to its previous high of $215, seen on April 29. Meanwhile, BTC has been building support and rising steadily since May 11, showing strong buy signals as reported by TradingView. Is there a correlation between the dip in the stock market and the steady rise in crypto prices over the last few days?
ETH Resistance at $252, Strong Sell Against BTC
Many charts on TradingView show ETH potentially rising to between $235 and $252, for a gain of 16% over its present value. If it breaks through the $252 barrier, then there is the possibility of continued momentum. It was at $288 in mid-February, and $337 in late June. That said, ETH has been showing strong sell signals when traded against BTC.
The key takeaway from these numbers seems to be to HODL your crypto, or consider trading your ETH for BTC. The question is whether people see it as a hedge against central bank money printing amid the COVID-19 crisis. If yesterday’s NASDAQ numbers are any indicator, this may be the case.
People in Venezuela caught on to using crypto instead of their local currency. Is it time for the US and other economies to do the same? Keep watching the market to find out.
Seymour Nunez is a contributing writer for Cash Tech News who enjoys writing about the intersection of blockchain technology and everyday life.
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