Ethereum has seen a considerable surge in its price over the past few days. The altcoin reached 30 days high today. Other cryptocurrencies XRP, XLM, LTC also rose by 2.5% or more over the last few days. However, a sudden hike in the price of Ethereum has raised some eyebrows in the crypto community as this could be a sign of price manipulation.
There are high chances that this pump in the price of Ethereum could possibly be related to price manipulation scheme. However, people are still bullish on ETH. The leading weeks and months to this spike were quite bearish for the cryptocurrency.
There have been incidents previously where the price of a cryptocurrency rises too much too soon and then eventually falls. People who suffer most because of this price manipulation are average traders. Ehterum longs are now more than 80%.
At the time of writing, ETH is trading at $213.19. The cryptocurrency had been struggling to jump over the $200 mark from a long time. While manipulating the price of a cryptocurrency, it usually takes times for whales and market makers to pump the price. However, during dumps, traders involve themselves in panic sales, causing the price to retract.
Currently, More than 80% of ETH traders are long and less than 20$ are short. It would be interesting to observe over the next few weeks how the price of ETH behaves. Let us know in comments what do you think about the sudden price increase in the amount of ETH?