Ethereum Price Watch: Currency Garners Confidence from Elon Musk

CryptoMode Ethereum price watch EIC-2612 Ethereum Addresses in the Loss EIP-1559 ENS

At press time, the second-largest cryptocurrency by market cap and the number one competitor to bitcoin is trading for roughly $287. That’s about two dollars less than where it stood yesterday afternoon.

The good news is that Ethereum is remaining in the high $280 range, and a two-dollar stumble probably isn’t anything to worry about. For the most part, the entire crypto market seems to be in the green, with entities like bitcoin having broken the $7,000 line over the past 24 hours and getting the ball rolling on a potential bull run for most major assets. While Ethereum only rose about $16 from its previous figure, the currency is showing signs of strength by remaining where it is and jumping alongside its bitcoin “father.”

ETHUSD: ETHUSD approaching resistance, potential drop!

Interestingly, the currency seems to be garnering newfound attention and support from Elon Musk – the billionaire and entrepreneur behind Tesla vehicles. It was recently reported by a San Francisco-based tech news aggregator that Twitter was removing close to 500 individual accounts that were suspected of or tied to potential malicious activity involving Ethereum.

Musk later commented in his own tweet that this was the right thing to do, and that it would increase usage for the world’s second-leading cryptocurrency. He later stated that he “wanted ETH, even if it was a scam.”

Back in June, Musk was the subject of several Ethereum-based Twitter scam bots, in which users were being asked or persuaded to pay ether sums to potential accounts owned and operated by the entrepreneur. Musk took to social media to put the rumors to rest, asking who was boss of the bots and assuring users that he was not the mastermind behind the operation.

At the time of writing, the alleged forward motions everyone thought were sure to continue in the crypto space have seemingly taken a rest. While bitcoin, Ethereum and most major forms of crypto are up, they’re not moving any higher for the time being. Bitcoin struck $7,000 and is staying there, while Ethereum is remaining in the high $280 range.

It’s hard to tell when – or if – major assets will move forward again. Matthew Newton – analyst at global investment platform e-Toro – believes that while the bull run is likely to continue, most cryptocurrencies will not experience their highs of last December for some time. Using bitcoin as an example, he comments:

“Clearly, these are rosier number than we’ve become used to, but let’s not get carried away just yet. Climbing higher than $7,200 remains challenging [for bitcoin], as well as breaking the $7,900 barrier – the 200-day simple moving average… There still seems to be an imbalance between short vs. long interest right now on most major exchanges.”

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