Lorenzo Stroe
Independent Analyst
- Ethereum continues on its upward path and is forming a bullish reversal candlestick on the daily chart.
- ETH/USD is looking at the $250 resistance level, as well as $253.47, daily high.
- Grayscale, a major Ethereum trust fund, reports a huge 679% YTD return.
Ethereum looks strong and is trading at $245 at the time of writing. After a quick dip today, bulls managed to buy it back and create a bullish reversal candlestick. ETH/USD is in a daily uptrend and only facing two major resistance levels at $247.14 and the high set on June 2 at $253.47.
Grayscale’s Ethereum Trust fund showing increasing institutional interest in ETH
The Grayscale Trust fund has been buying Ethereum throughout 2020 and it’s now showing a 679% year-to-date return.
REMINDER: eligible accredited investors may continue to purchase shares of our investment products, including Grayscale $BTC Trust and Grayscale $ETH Trust, at their respective NAVs.
— Grayscale (@GrayscaleInvest) June 3, 2020
To learn more or get started visit https://t.co/QVIMefv62B pic.twitter.com/9Jj6DVJJW9
According to an official report, Grayscale bought 50% of all Ethereum mined until April 24, 2020. The company has continued buying ETH at a slower rate and investors have been buying ETH even at a 725% premium. While this number looks huge, it’s not even close to its highest point of 1,300% around a year ago.
Investors willing to buy Ethereum at such a high value is a great indicator of Ethereum’s long term outlook. Additionally, Ethereum’s top whales have also increased their holdings during May 2020.
ETH/USD daily chart
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