Geometry Dash APK Hill Climb Racing APK
56 F
New York
Wednesday, September 28, 2022

Grayscale Ethereum Trust (ETH) (OTCMKTS:ETHE) Jumps On Crypto Hype: Is it Sustainable?

Must read

Asia Broadband Inc (OTCMKTS:AABB) Is Up 1100% This year: What’s The Buzz?

There are some stocks that have managed to clock massive over the course of the past month or so and one of...

Blockchain Technologies Ltd (OTCMKTS:HVBTF) Makes A Stunning Move on Blockchain Optimism

The cryptocurrency boom has sustained for many months now and it anything; it is expected to continue in the future.

Bombardier, Inc. (OTCMKTS:BDRBF) Continues to Gain Momentum and Strength

Many stocks have managed to record significant gains in recent months and one that often flies under the radar is Bombardier,...

Grayscale Bitcoin Trust (Btc) (GBTC) Makes Big Move As Bitcoin Goes Wild

Bitcoin, the world’s biggest cryptocurrency by market cap, has been in the middle of a remarkable rally for the past few months...

The massive rally in the cryptocurrency space has been one of the biggest stories of the year in investment circles.

While Bitcoin, the world’s biggest cryptocurrency by market cap, has managed to make enormous gains, other large-cap cryptocurrencies have also made gains. This brings us to the subject of Grayscale Ethereum Trust (ETH) (OTCMKTS:ETHE).

Major Points 

While Bitcoin has hogged all the headlines, Ethereum has also managed to generate significant gains this year so far. At the beginning of the year, Ethereum was trading at only $132 per token, however, since then, it has made major gains and currently, it is trading at $610 per coin.

The trajectory of the rally has been quite strong in recent months and hence, it could be worthwhile for potential investors to keep an eye on Ethereum as well. That being said, it is also necessary to mention that at the beginning of 2020 Ethereum enjoyed a pretty strong rally.

At the time, the cryptocurrency went from $132 a token to as much as $281 a token and it seemed that the $300 mark was on the horizon. However, that did not happen and Ethereum had to endure a sharp correction. The current price level of the stock is a far cry from the struggle that the cryptocurrency endured for many months.

Back on May 1, Ethereum had hit resistance at $200 and for almost the entire month, it had failed to cross it. However, eventually, it bypassed the resistance and hit the next resistance at $250. This second resistance proved to be a bigger struggle and up until the middle of July, Ethereum struggled with it.

However, it was in July that the resistance was broken and the cryptocurrency rallied strongly to hit its next resistance of $400 towards the end of August.

The strong $400 resistance held strong for months but in the early days of November it was broken and since then, Ethereum has not looked back.

Disclaimer: We do not hold any position in ETHE stock

Latest article

Alibaba Group Holding Limited (OTCMKTS:BABAF) Big Volume with Possible 60% Upside

Alibaba Group Holding Limited (OTCMKTS:  BABAF) is an over the counter stock traded on the OTC Pink markets in the Consumer Discretionary...

Trans Global Group Inc (OTCMKTS:TGGI) Stock In Focus After Operational Updates

The Trans Global Group Inc (OTCMKTS:TGGI) stock may not have been in the news today yet but it...

Why Hycroft Mining (NASDAQ:HYMC) Stock Shot Up 700%

If you are on the hunt for stocks that may have made major gains over the course of the past week, then...

Secure Paymentz releases banking software demo on Github

This is a paid announcement from one of our advertising partners. How to Leverage Your Trading Position by Secure...

Advanced Asset Management Announces New Website Launch

This is a paid announcement from one of our advertising partners. Financial Planner in Grandville, Michigan
Şehirler arası nakliyat ve Şehirler arası taşımacılık konusunda en uygun fiyatlar ve en kaliteli hizmet.
ofis taşıma firmaları ve ofis taşıma konusunda en uygun fiyatlar ve en kaliteli hizmet.
SmsVerifyer.com Affordable best sms verification service