Over the past three days, Ethereum has mounted a strong comeback after it briefly dipped under $150, rallying as high as $175 just hours ago as of the time of this article’s writing — a multi-week high. This marks a more than 15% rally from the local lows.
Although impressive, there is a confluence of fundamental and technical catalysts that suggest that the ongoing bull trend is not yet complete.
Ethereum Could Be Ready to Slingshot Even Higher
The past few days have seen the news cycle confirm that Ethereum is entering into another bull cycle, despite the harrowing macro backdrop.
Firstly, a report from crypto fund provider Grayscale Investments released this week confirmed that there remain institutional players that continue to demand crypto assets.
The report indicated that during the first quarter of 2020, the firm brought in $503.7 million, with most of the capital allocated in Grayscale’s two flagship crypto funds: the Bitcoin Trust and the Ethereum Trust. On this statistic’s importance to ETH in specific, investor Spencer Noon said:
“Institutional investors are buying ETH. The cat is officially out of the bag. From the latest @GrayscaleInvest report: Ethereum Trust saw $110M in Q1 inflows. This is more than all of its previous inflows combined for the past 2 years ($95.8M).”
And secondly, it was reported by Messari that the amount of value being transacted on the Ethereum network is starting to rival that of BTC, despite it having around 15% of the leading cryptocurrency’s market capitalization.
Technicals Paint an Equally as Bullish Picture
As reported by Bitcoinist previously, a crypto trader known as HornHairs believes the recent price action has allowed ETH’s inverse 12-hour chart to begin to resemble “a 2017 pump in the process of a full retrace,” with his chart showing that Ethereum was recently rejected by a key resistance level.
As HornHairs was referencing an inverse chart, what actually happened was ETH painted a clean bounce off the $148 support, boding well for the bullish narrative. More specifically, the price action was a clear “swing failure pattern,” whereas Ethereum briefly interacted with a zone of historical liquidity but failed to decisively make a new low, which should skew short-term price action positive.
Should the “full retrace” take place as HornHairs expects, the cryptocurrency will trend back to the $290 highs in the coming weeks.
Not to mention, there are purportedly technical reasons for Bitcoin to head higher, which should help wrest the entire crypto asset class to the upside.
Trader Nunya Bizniz observed that the extremely high volumes seen in March because of the crash are a potential sign that the Bitcoin market may be at a bottom, with previous strong increases in volume coinciding with “turning points in price.”
While Bizniz did not come to a personal conclusion on the matter, observing the chart, it can be seen that many of Bitcoin’s macro turning points have been predicated on high volumes.
BTC Monthly:
Spikes in volume, followed by lower highs in volume have been turning points in price.
This time? pic.twitter.com/80WYu4UJf4
— Nunya Bizniz (@Pladizow) April 16, 2020
Featured Image from Unsplash origin »
Ethereum’s native asset crossed the $4,000 level for the first time in eight months, reaching an intraday high of $4,055. This key psychological milestone brings the cryptocurrency within approximately $900 of its all-time high of $4,867, set in November 2021.
While Ethereum's network activity is thriving, with an eight-month high in address creation and surging transaction fees, the price has struggled to gain momentum above $4,000.
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Ethereum has recently climbed to a major high above $3,400, reigniting enthusiasm among market participants and signaling a potential upward trend that may lead to a push above $4,000 toward a new all-time high.
After a long consolidation phase, Ethereum climbed above the $2k resistance level and printed a new monthly high. It looks so bullish and is still charging to take more highs. A quick recap from the past month of trading started with a rebound from a low of $1,370 to a peak of $1,850. It saw […]
Ethereum has secured a multi-month high ahead of the Shanghai upgrade, rising close to 3% in the last 24 hours. Following a week-long bullish run, Ethereum’s price has reached an eight-month high, hovering just below the $2,000 mark.
On-chain data shows the number of active Ethereum addresses has recently spiked up to a new all-time high. Here’s what happened in the past when the metric reached such high values. Ethereum Active Addresses Surge To A New All-Time High As pointed out by an analyst in a CryptoQuant post, a signal that has usually been bearish for the price of the crypto has gone off recently.
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Ethereum active addresses have surpassed previous highs from January 2018, and November 2020. The new high in activity on the network comes in the same week as Ethereum hit a new all-time high.
The post Ethereum Active Addresses Hits New High Following ETH All-Time High appeared first on BeInCrypto.
Ethereum has in the last 24 hours made a stride that has left it an inch away from reaching its ATH. With the breakout looking stronger than ever, the coin is set to discover a new high with most analysts expecting a week-close above $1,500.
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The volume of the Ethereum options market hit a record high as the demand for ETH increased in recent weeks.
The post Ethereum options volume hits record high—but why is demand surging? appeared first on CryptoSlate.
Bitcoin has been hogging the limelight with its unrelenting rally approaching its all-time high price, but Ethereum is still a long way off its own personal best milestone. As BTC reached its highest price since January 2018, Ethereum tapped a new 30-month high a shade under $490.
Bitcoin shocked the finance world yesterday rocketing more than $1,000 to over $13,000 per BTC at the high. Today, Ethereum is following suit, with 6% already on the books and a chance to soar much higher is here.
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The last couple of days have seen Ethereum ETH surge and mark a new high. The surge was facilitated by the coin’s ability to resist bearish pressure and stay above established short-term support positions.
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In order to help more people understand “the other Casper” (Vlad Zamfir’s CBC Casper), and specifically the instantiation that works best for blockchain protocols, I thought that I would write an explainer on it myself, from a less abstract and more “close to concrete usage” point of view.
In the bear market, many already large Ethereum (ETH) addresses have increased their holdings by over 80 percent this year. Analysts believe that this increase was financed by the sale of ICO tokens.
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The AIDUS Global D-Fund Platform is a decentralized fund market established upon the ETHEREUM network to serve as a professional asset management platform in which global investors and asset management companies are able to use Blockchain technologies and SMART Contracts to safely and transparently create and settle into P2P (Peer-to-Peer) fund agreements.
Ohio might just become the first state to successfully adopt Bitcoin as tax payment, after failed attempts from other states in the country. Ohio’s Cryptocurrency Initiative Set to Fly High According to the Wall Street Journal, businesses in Ohio can now pay its taxes, ranging from taxes from cigarette sales to employee taxes, using the […]
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Ethereum’s price has plunged recently down to May 2017 levels before its first bull run to a then all-time high of $420, but transaction levels have remained very stable at...
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iCumulate is an industry changing Social Investment Trading Platform and Ecosystem based on the Ethereum blockchain. The platform combines all of the communication benefits of a social network with a revolutionary trade execution interface.
Полосы Боллинджера у биткоина достигли минимума и это предвещает резкий рост биткоина на 40%, заявил специалист по техническому анализу Герт ван Лаген (Gert van Lagen).
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