Ethereum Registers Massive Hike To Reach $370

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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.