Sunday, January 24, 2021

Is ETH’s price being manipulated?

The Takeaway:

In just a few days Ethereum has seen a massive surge in its price. This spike has raised concerns among the crypto community as this could be a sign of a price manipulation scheme. ETH broke the $200 mark and is trading at 30 days high $213.

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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?

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Disclaimer: The article reflects the opinions of the author and is not representative of Chaintimes’ views.
The article does not offer any investment advice. User discretion is advised when investing in or trading with cryptocurrency. Extensive and diligent research should be carried out by the reader before making a decision.

Paul Rea
Paul Rea
Paul is a graduate from the Queensland University of Technology and has a demonstrated history of working in the computer and network security industry. Apart from being a dedicated author, Paul also has an interest in graphic designing.

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