Ethereum has seen a 34.5% rally during the week. At the time of writing, ETH trades at $2.976 with a 1.8% profit in the daily chart. The cryptocurrency has been reaching a new high in the lower timeframes and seems poised to break a major milestone at $3.000.
ETH with sideways movement in the daily chart. Source: ETHUSD Tradingview
However, several experts seem cautious due to major walls of resistance at those levels. Pseudonym trader “Edward Morra” has followed ETH’s price rally closely for the past days. The trader is “fascinated” by ETH price action which has shown shallow pullbacks with constant grind-ups. On this price structure, Morra said:
th position in the crypto top 10 by market cap. DOGE is trading at $0,27 with 20.6% losses in the daily chart.
DOGE with heavy losses in the 24-hour chart. Source: DOGEUSDT Tradingview
DOGE reached an all-time high of $0,50 after a 500% pump. Chief Strategy Officer at CoinShares, Meltem Demiros, linked Dogecoin surge to the controversial subreddit r/WallStreetBets.
This group decided to lift its ban on crypto discussions. These were still limited to only Bitcoin, Ethereum, and DOGE.
However, the group decides to reinstate their ban in less than a day due to an article published by Bloomberg, as announced on their subreddit. With the title “WallStreetBets Bows to Crypto”, the article and moderator’s decision caused discomfort in that community.
Demiros’ sentiment was shared by most of the crypto industry. From early Coinbase investors like Garry Tan, his initial $300,000 investment in 2013 made a 6000x profit, to Paradigm’s Omar Bohsali, legendary rap singer Nasir Jones and others.
Grayscale CEO Michael Sonnenshein said Coinbase’s debut has signaled a new level of maturity for the crypto industry.
$COIN is really signaling to the market as a whole a certain level of maturity, a certain way of doing things the right way, @Grayscale CEO @Sonnenshein says, adding: Crypto is not an investment that s appropriate for every investor. https://t.co/Jb7k9tf4PHpic.twitter.com/xPLJjTv1JP