Ethereum Prepares For A Breakthrough: Bulls Are Currently Pushing Cryptocurrency To A New Rally
In the past few weeks, the price of Ethereum has been stable in the region of about $200. While the flagship cryptocurrency Bitcoin is experiencing significant price fluctuations, it creates the false impression that Ethereum has frozen in one place and has come to a standstill.
The Leading cryptanalyst Spencer Noon, on the contrary, sees a positive trend in this market behavior of Ethereum. He believes that Ethereum has great potential from a technical point of view and that at the moment the cryptocurrency is building up its strengths to make a significant breakthrough. Will the bulls demonstrate their power very soon? Let’s figure this out together.
The Ethereum rally is already around the corner: what factors testify to this?
A number of key technical factors testify that bulls are building up strength and Ethereum can make a price breakthrough. This was stated by Spencer Noon, head of DTC Capital. In particular, he noted a significant increase in interest in Ethereum as an asset from institutional investors.
Spencer Noon said that now two key trends can be traced to the cryptocurrency market, which in any case play in favor of Ethereum. According to Grayscale Ethereum (ETH), large stock players have begun investing multi-million dollar amounts in ETH. Other investors, on the contrary, began to massively return their Ethereum savings from exchanges.
Spencer Noon noted:
“The Grayscale Ethereum Trust Fund has issued 1 million new shares. Now we see the implementation of 2 scenarios: a massive investment in Ethereum and vice versa the outflow of ETH from exchanges.”
Noon is optimistic about the outflow of ETH from exchanges. He is confident that we are now witnessing the massive accumulation of Ethereum, which once again speaks of strengthening this cryptocurrency and preparing for a breakthrough in the near future.
How high can the price of Ethereum rise?
If the forecasts for the Ethereum rally are justified, its price could rise to $250. This was reported by one well-known cryptanalyst, based on data from a technical analysis of the market behavior of Ethereum. This trend is traced on the price chart and has many common signs with the Ethereum rally, which was recorded in February 2020, when the price of the crypto asset reached a local peak of $290.
Today, cryptanalysts are united in the opinion that for a powerful push, Ethereum is also important for the uptrend to become dominant in the entire cryptocurrency market. In these conditions, the current accumulation of Ethereum can turn out to be a great success for investors.