ETH’s On — May 4

Chart of the Day

Join the $3k club. Ether has surpassed the $3k mark for the first time, and extended its rally to reach a new all-time high above $3,450. At the point of writing, the price of ETH is sitting comfortably above the 10-hour moving average and is likely to remain buoyant above $3,100. However, should the rally come to an abrupt end, the immediate support on the downside is near the $3,200 level, where a major bullish trendline is formed. 

Talk of the Town

Buy-back time. Digital Currency Group (DCG), the parent company of Grayscale, is planning to buy an additional $500 million worth of Grayscale Bitcoin Trust (GBTC) shares despite its waning premium. GBTC shares have been trading at a discount for three months and counting, which means that the market price of its shares is consistently below its net asset value. The move to buy back shares is not an uncommon strategy in raising the share prices, as it simultaneously creates demand and reduces the number of shares outstanding.