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Ethereum (Courtesy: Twitter)
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Ethereum Registers Massive Hike To Reach $370

Ethereum (Courtesy: Twitter)
Ethereum (Courtesy: Twitter)

Ethereum is currently on its way to $370. The coin is up 5% in the past 24 hours, outperforming Bitcoin and other large-cap cryptocurrencies as the market seemingly turns risk-on once again.

This ongoing move higher seems to have been triggered by news that the U.S. is actually pursuing a stimulus bill just a few days after President Trump told Capitol Hill politicians to stop discussions. It has been reported that a $1.8 trillion stimulus bill is being worked on by the House. This is below the $2.2 trillion bill passed by House Democrats last week but still far more than no stimulus at all.

The restarting of stimulus discussions in such a short period of time led the U.S. dollar lower after a relief rally. The dollar dropped by just under a percent in the past 24 hours, driving all markets higher, especially cryptocurrencies and gold.

The restarting of stimulus discussions in such a short period of time led the U.S. dollar lower after a relief rally. The dollar dropped by just under a percent in the past 24 hours, driving all markets higher, especially cryptocurrencies and gold.

ETH needs to decisively pass and test this level as support this level if it is to continue decisively higher. Fortunately, the cryptocurrency is in the midst of breaking to the upside of a falling wedge pattern. A falling wedge is a textbook bullish pattern that often precedes upside.

Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. Crypto is not a legal tender and is subject to market risks. Readers are advised to seek expert advice and read offer document(s) along with related important literature on the subject carefully before making any kind of investment whatsoever. Crypto market predictions are speculative and any investment made shall be at the sole cost and risk of the readers.