logo

Would Ethereum price get another boost despite odds?

Would Ethereum price get another boost despite odds

In the last few days, for the queen of cryptocurrency, the Ethereum price movement had been explosive. In just a twenty-four-hour window, there has been a rise of up to 10 percent. At the time of writing, the queen of cryptocurrency is pushing for $244, which is the highest price since March.

This on-going surge is significant as it is occurring at a time when there is a bullish cryptocurrency trend. A couple of days ago, a famous trader shared an ETH/BTC chart on his Twitter handle expressing that now is the decision time for Ethereum.

https://twitter.com/FatihSK87/status/1265191217970765829

 

The chart below indicates that Ethereum is heading towards a massive breakout after getting over a crucial downtrend that had been there for about three years and moving past a key relative strength index level. Looking at today’s rally of Ethereum by 10 percent, in which the queen of cryptocurrency Ethereum outpaced the king of cryptocurrency Bitcoin. In the upcoming weeks, and even higher is expected.

Is Ethereum price going in for a boom?

According to the analysts, there are reasons and explanations for the current Ethereum price rally and expected upsides.

The founder of Mythos Capital, Ryan Sean Adams, had pointed out this week the fundamentals of ETH have grown as compared to the previous weeks, and this increase in the demand for the transaction has consequently increased the fees of the transaction, which tends to imply the higher Ethereum price.

Blockchain analytics firm, Santiment, has recently discovered that a sharp increase has been witnessed in the accumulation of some of Ethereum’s addresses within the last couple of weeks.

 

Lastly, a famous venture capitalist Garry Tan recently began to scoop up Ethereum in anticipation of the upside.

Taha Farooqui

Taha Farooqui

Taha specializes in copywriting & translating texts. He aims to cover cryptocurrencies & blockchain in both English and local dialects in the Middle Eastern regions. He has helped write, translate, and localize the material related to cryptocurrencies and blockchain.

Related News

Hot Stories

ChainLink price analysis: LINK increases value by 9% after a strong bullish run
Litecoin price analysis: Positive Streak Poised to Continue as LTC surge 6.56%
Mastercard files for another Web3 and crypto trademark
Filecoin price analysis: FIL gains value at $4.38
eToroX vs Coinbase fees and features: What's better for you?

Follow Us

Industry News

Mastercard files for another Web3 and crypto trademark
FTX tensions are still hunting Sam Bankman-Fried
BlockFi files for bankruptcy: The FTX scandal continues to cripple crypto
Fidelity opens retail crypto trading accounts: When can users start trading? 
Line announces new update on its crypto exchange plans

Add Your Heading Text Here