The ethereum bull has been on the run overnight, rising without pause or reprieve to a new all time high of $3,200.
That’s up by about 10% from $2,950, with much of this occurring during Shanghai and euro time in a reversal of sorts.
It used to be Americans buy up and then the Chinese, as well as europeans, would sell overnight. Now it appears to be the reverse
Ethereum price, May 2021
As can be seen above, ethereum began moving at precisely midnight UTC. That’s 8 am in shanghai now with these changed times, and so eth goes on a charge.
Then we can see above at about 7am UTC, you can tell Europe has woken up because the green candles get bigger.
Now it’s NY time and they haven’t quite delivered, but the new level is being kept for now so, they at least kind of keeping up.
Soon it will be LA time at around 4 UTC or 6PM in Amsterdam and we keep on hoping west coast reverses at some point, but we’ll see.
Bitcoin has also risen a bit to almost 59k, now at 58.4k, as it continues its 50k forererere with eth obviously driving all this.
One additional reason may be because bitcoin haters think they found a new narrative in upgrading the cryptocurrency from funding terrism to now climate changing the planet.
The usual response has been that bitcoin itself doesn’t generate energy, it is up to the local power source how they generate energy. Bitcoin in fact may advance the generation of renewable energy because mining depends on efficiency gains like cheap energy which usually comes from hydro power.
That this is a disingenuous argument that has nothing to do with the environment but with people that think bitcoin shouldn’t exist, and pretend they care about the environment when they frustrated that bitcoin exists at all.
Then, the third leg of the response has been that there is eth anyway which doesn’t consume energy, or more correctly plans to not consume any additional energy by upgrading to Proof of Stake.
That last bit is getting eth mentioned more and more and so more people are presumably looking at it, so adding to its bullishness.
That’s to the point where the money network has entered price discovery, and so no one has a clue what it gone do.
$3,500 would be big. $3,200 might be much resistance too. It might vruuu to $4,000 though, or rek to $2,500 maybe and then insta up again.
It hasn’t dipped kind of at all, but it will obviously at some point. However the question is whether it actually will before any wow price as people expect it to dip so it just vruus.
Yes, spring of 2021 eh. Biden in the whitehouse, Baerbock chancalla soon, print baby print the new normal as the unbeatable couple maybe finally kicks off that roaring 20s.
With a song to liberalism perhaps and its triumph once again as challenged by the nationalists and authoritarians, we found out that wasn’t good for bitcoin. So may liberalism win a thousand years with bitcoin and the innovation coming from it to underpin the free era of liberty outside of the grip of the state.
For imperfect as matters may be, our principles of maximum freedom and tolerance for all have won, are winning, and will keep winning over the barbaric ideologies of state meddling in every matter, or worse, state scapegoating of a people as in France, state slapping of CEOs as in China, state terrism as in Russia.
The French institutions of democracy you’d think are strong, but they seem to be playing that same trick again of selling foreign wars in Africa at home by increasing authoritarianism.
That’s dangerous propaganda and for plenty now it is thankfully largely a thing of the past, but France appears to be a few years behind and so hopefully liberalism gets to win there too as only liberalism has been good for bitcoin and it is only under liberalism that this whole space will thrive and with it, the whole world, with space rockets and doge, free innovation and nft songs, not diktatas that only reee for the pleasure of no one.