Ethereum breaks out of the range

Ethereum breaks out of the range

Ether has jumped in the last hour, soaring another $200 to a nearly 10% gain on the day at $3721.

Signs are pointing to the madness in NFTs as the catalyst for the latest bump. Sales of NFTs are usually settled in ETH and that's created a demand from buyers as prices of NFTs continue to climb and spread.

There's also talk of a short squeeze above $3600.

Technically, there's a beautiful period of consolidation in August after the triple bottom in May/June/July and it points to a very healthy market that's now only a hiccup away from the May highs.

The NFT madness will end in tears and is reminiscent of the ICO craze that sent ETH to highs in 2017 but I don't think we're in the final innings yet.