Bitcoin Steady, Melker Sets New Ether Target and WazirX Up 200%

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Last Updated on 5 April 2021 by CryptoTips.eu

Jeroen Kok

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In the past few days, it looked like Bitcoin is trading as a normal stock, having moved some 4% only. The best known cryptocurrency remains steady around $58k and looks like it is waiting for institutional investors (who are on Easter break) to help it overtake the $60k ceiling.

Meanwhile analysts are quite bullish on Ethereum and Indian cryptocoin WazirX is shattering all records.

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Ether end of year target

Wolf of All Streets trader and technical analyst Scott Melker meanwhile rode the Ethereum wave and revealed his new end-of-year-target. It’s quite bullish we must admit.

As I said just the other day, I showed the target of $3,600 which I believe is actually somewhat conservative. How did I get that target? We have this massive bull pennant here… To get the target of the bull pennant, you measure the flagpole, that’s this entire move and you extrapolate that from the breakout to the top.

YouTube video

Scott even went further and added:

This move’s target is $3,600 but as I said, I think it can go much higher and I believe as a result of the network effect and overall bullishness, it can go as high as $10,000 even by the end of the year… I do not think it’s crazy at all. It’s a simple 5x from here. We saw Bitcoin do many multiples of that in one year.

It’s indeed true that Ethereum is on a roll as of late, but Scott seems very confident here. Will he be proven right?

WazirX surges 200%

The Binance owned Indian crypto exchange WazirX saw its native cryptocoin (which carries the same name) absolutely surge over the weekend, trading upwards some 200% in the past 24 hours.

It comes after the Indian crypto exchange was featured in a puff piece in the Financial Express, one of the largest business newspapers in the Asian subcontinent.

In the past week, the coin is up an incredible 900%.

The news that the exchange is now seeing daily trading volumes of 200 million dollars and growing interest from young investors, attracted many new buyers to the small cryptocoin.

Daily trading volume shows the scale at which an exchange is operating. More volume leads to more liquidity and more liquidity ensures that traders get the best prices with the minimum spread between buying and selling. WazirX has the highest liquidity and trading volume in the INR market in India.

The company founder Nischal Shetty explained.