Crypto bulls are back in control for now.
Ethereum jumped 18 percent above 2250 dollars, while Bitcoin moved above 69000 dollars. ETH is now up around 20 percent this week and is leading major crypto assets.
The move was supported by improving liquidity sentiment after the US Treasury increased bond buybacks. Around 1.4 billion dollars in short positions were also liquidated.
But traders should not chase green candles blindly.
ETH needs to hold 2200 dollars to confirm that this breakout has strength. After an 18 percent one day move, a pullback or consolidation would not be surprising.
BTC holding 69000 dollars could keep the broader market bullish.
Bitcoin Ethereum
Ethereum jumped 18 percent above 2250 dollars, while Bitcoin moved above 69000 dollars. ETH is now up around 20 percent this week and is leading major crypto assets.
The move was supported by improving liquidity sentiment after the US Treasury increased bond buybacks. Around 1.4 billion dollars in short positions were also liquidated.
But traders should not chase green candles blindly.
ETH needs to hold 2200 dollars to confirm that this breakout has strength. After an 18 percent one day move, a pullback or consolidation would not be surprising.
BTC holding 69000 dollars could keep the broader market bullish.
Bitcoin Ethereum
