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Ethereum (ETHUSD) reclaims $400 on PayPal news

22 Oct, 2020

The same news that sent Bitcoin roaring higher overnight has also had a very positive impact on Ethereum (ETHUSD). That news was concerning the reports that PayPal is to allow both Bitcoin and Ether to be used for transactions across its network. As stated in the previous headline on Bitcoin, this is truly significant news for Ether too and explains the spike to as high as 402.05 overnight. Yesterday Ether had traded to as low as 367.75, the roughly 10% gain from that low is perfectly understandable and this is as much a game changer for Ether as it is for Bitcoin, especially given the close relationship in terms of mining between the two coins. The prospect of further gains in the near term has certainly been considerably boosted and under the circumstances it would be very short sighted to discount a move beyond the most recent 2020 high. That was set at 489.08 on September 2. That surely has to be an immediate target now for Ether. The price is currently trading at 395.90

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