Maybe with all the markets closed, people are so desperate to trade anything that they’re piling into crypto. In any case, Bitcoin has more than doubled in the span of about six weeks, and Ethereum is joining the fun.
The red line it crossed, incidentally, is a Fibonacci retracement. As with Bitcoin, $ETH seems to have somewhat pushed past this level, although, again, like $BTC, it might be overshooting it just a touch before easing lower. I’m an objective observer on this, since I’m watching at a safe distance. It’s quite event the crypto crew is starting 2021 with a huge bang.