- Elon Musk has revealed that he personally owns Ethereum, Bitcoin and Dogecoin
- Mr. Musk made the revelation during ‘The ₿ Word’ virtual conference
- Elon Musk also revealed that both Tesla and Space X own Bitcoin
- Ethereum is currently attempting to reclaim the $2k price area as support
The founder of Space X and CEO of Tesla, Elon Musk, has revealed that he personally owns Ethereum, Bitcoin and Dogecoin. Mr. Musk informed the crypto community that he owned the three digital assets during ‘The ₿ Word’ virtual Bitcoin conference that was attended by Jack Dorsey, Cathie Wood, Elon Musk and moderated by Square’s Steve Lee.
To note is that Elon Musk’s statement revealing that he owns Ethereum had a positive effect on the value of ETH. A few hours before the ‘The ₿ Word’ Bitcoin virtual conference went live, Ethereum was trading at the $1,800 support.
Ethereum would then go on to post a five-day high of $2,035 as soon as the event was underway and Elon disclosed his crypto holdings.
At the time of writing, Ethereum is trading at $1,991 as it attempts to fully reclaim the $2k price area as support.
In terms of short-term resistances, the 200-day moving average could be a tough area for Ethereum as highlighted in the following daily ETH/USDT chart. This moving average is providing a considerable amount of resistance around the $2,080 price area.
In addition, the following can be observed from the daily ETH/USDT chart above.
- Ethereum is destined for a death cross, between the 50-day and 200-day moving averages, that could occur before the month of August
- The daily MACD, MFI and RSI are pointing towards a potential short term bullish reversal for Ethereum
Consequently, caution is advised when trading Ethereum due to the mixed environment of a bearish death cross, and a bullish reversal due to the aforementioned indicators, and Elon Musk disclosing that he owns ETH.