![](\"https:\/\/www.trustnodes.com\/wp-content\/uploads\/2021\/02\/600x378xethereum-price-cup-handle-feb-2021.png\")
<\/p>\nEthereum has risen above $1,700 for the first time, up from a low of $1,550 yesterday to currently trade at $1,715.<\/p>\n
Its credible volumes are maintaining an increased level of $7.7 billion while unfiltered volumes stand at $45 billion.<\/p>\n
The weekly candles moreover look quite a bit interesting because it seems to show a very nice cup and handle.<\/p>\n
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A cup and handle is a very bullish technical indicator because after selling and selling, that stability for much of last year indicates no one was left to sell.<\/p>\n
Bulls thus try their luck, and at about $1,200 bears give it a try, sending the price briefly down to $900 and so giving us the handle.<\/p>\n
Alternatively you can take the price at $1,400, with its drop to $1,200 giving the handle to this gigantic cup.<\/p>\n
If we go by technical indicators alone, then the field is clear here for… well the moon basically, somewhere around $20,000 just because that was bitcoin’s previous moon.<\/p>\n
That’s in the ‘long’ term, which in this space generally means a year or so, but obviously no one can predict these things.<\/p>\n
What is occurring however is a very big influx of ‘retail’ stock traders who are finding out there’s a whole big space here with all sorts of tokens and cryptos, or shares as they call them.<\/p>\n
Compared to the utterly slow stock movements, eth and the like are a completely different game where hold is not a joke but a necessity because no one can halt trades here. Giving diamond hands a very different meaning to easily dilutable stocks where no one cares about your hands.<\/p>\n
This big introduction to the crypto space is probably the main driver of the price appreciation currently, but there are plenty more.<\/p>\n
The biggest is probably the halvening, which where miners are concerned has not even gone into effect yet as we analyzed last week.<\/p>\n
That contrasts very well to the big increase in supply in fiat money, leading to an increasing adoption by conservative and sophisticated institutional investors which are coming in the billions.<\/p>\n
That demand drives the increased integration in traditional finance with ethereum futures to launch on CME next week.<\/p>\n
To top it all, defi is booming with a quiet revolution goin on there that is automating finance, all running on ethereum.<\/p>\n
So the currency is rising with it probably beginning to enter mainstream awareness although anecdotally no one seems to have heard of eth yet – while everyone knows bitcoin – as far as the ordinary people down the street are concerned.<\/p>\n