Ethereum could start one of its largest bull runs in the history of the crypto market, according to one market analyst. Ether’s price has been consolidating over the past few days. At the time of writing, ETH was trading at $1301, according to CoinGecko, after a 1.7% gain in 24 hours.
Ethereum bulls are coming if this pattern repeats
A crypto market analyst on Twitter has stirred the discussion of an upcoming Ethereum bull run that could be the biggest one in the history of the crypto market. According to the analyst, ETH was forming the same pattern it did in 2016-2017, signaling that bulls could soon be formed.
Ethereum will soon start one of the biggest bullmarkets in the history of cryptocurrencies.
Pattern from '16-'17 repeats almost identically. pic.twitter.com/rkrt4OtRmT
— ⓗ (@el_crypto_prof) October 11, 2022
Ethereum has been critically holding the $1300 level. Over the last 24 hours, ETH has traded between $1276 and $1301. The battle for control between the bulls and the bears could see these levels holding for quite a while.
Despite the mild volatility, Ether is still attracting much interest from traders. Over the last 24 hours, ETH’s trading volumes have come in at $7.54 billion, meaning that traders have been looking to book profits at low prices. Given the slight gains reported during this time, it is clear that the majority of volumes are coming from buyers.
Ethereum’s price chart
Ethereum, like most of the cryptocurrency market, has been consolidating as traders move away from risk assets as central bankers worldwide continue raising interest rates to curb rising inflation.
Ethereum’s price chart shows growing volatility, but the price is leaning toward an uptrend. The Relative Strength Index (RSI) stands at 50, showing that the bullish momentum is growing. The bullish sentiment could be attributed to the less than 2% gain reported over the last 24 hours.
On the other hand, there is an apparent battle between the bulls and bears, as seen in the Moving Average Convergence Divergence (MACD) line currently on the signal line. If the bulls can sustain the MACD line above the signal line through buying pressure, ETH could break past the $1300 barrier and aim for $1450 in the short term.
Ether breaking past the $2000 psychological level and creating one of the biggest bull runs in cryptocurrency history, according to the analyst’s sentiments, is unlikely in the short term as the overall crypto market continues to pull back. The volatility of Ether has dropped significantly, and such a huge spike could happen if the market decouples from the stock market.
Diversify your portfolio with this crypto
As investors wait to see whether Ether will create one of the biggest bull runs in history, new cryptocurrencies such as IMPT are taking off, and they could be the next crypto to explode.
IMPT is a green crypto that is suitable for green investors. The token is currently in one of the most successful presales that have already raised more than $3.5 million. The presale commenced on October 3, with a hard cap of $10.8 million.
Related
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IMPT - New Eco Friendly Crypto
- Carbon Offsetting Crypto & NFT Project
- Industry Partnerships, Public Team
- Listed on LBank, Uniswap
- Upcoming Listings - Bitmart Dec 28, Gate.io Jan 1st
This article was written for Business 2 Community by Ali Raza.
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