Ethereum daily Aug 10

All risk assets are surging today on signs of a peak in US inflation but crypto is particularly strong and ethereum is leading the way.

Market participants are increasingly enthusiastic about the changes coming to ethereum that will lower energy consumption by 99%.

Yesterday, ETH/USD retraced after its first attempt at $1800 but today it traced out an outside day (so far) with a rally to the highest level since June 6. That erases the June rout when the crypto-lending business model was being blown up.

Since then the bad news has finally relented and has slowly enticed dip buyers. Perhaps most-telling has been how substantially ethereum has outperformed bitcoin. BTC at $24,000 is still well-below the June level near $30,000.

bitcoin daily chart Aug 10