Although Ethereum has embarked on an impressive 170% rally since March’s lows, the cryptocurrency remains more than 80% below its all-time high of $1,430.
With such a strong retracement from its all-time highs, there have been some skeptics questioning if ETH will ever hit a new all-time high.
Fundamentals signs, though, are showing that ETH is poised to embark on its next long-term bull run.
Related Reading: Textbook Wyckoff Analysis Shows Bitcoin Is About to See a Brutal Drop to $7,000s
There Are Three Key Ethereum Bull Trends
Consensus Labs’ Jimmy Ragosa recently identified three fundamental “waves” that may mark an end to ETH bears:
Layer 2 Scaling Solutions: There has recently been an influx of Layer 2 scaling solutions that migrates transaction capabilities to a second secure layer, thus increasing transaction speeds and decreasing costs, all while increasing transaction throughput. Analysts say this will boost demand for ETH as the cryptocurrency becomes easier to use.
The Implementation of ETH 2.0: Shortly, the first phase of the Ethereum 2.0 upgrade will go live. It will introduce Proof of Stake into ETH tokeneconomics, driving inflation of the cryptocurrency lower over time, analysis has suggested. The introduction of staking is expected to result in an influx in demand from long-term holders who want to stake the cryptocurrency in exchange for interest on their deposit.
Ethereum Improvement Protocol 1559: An Ethereum Improvement Protocol, 1559, has recently garnered much steam in the cryptocurrency community. If implemented it would burn ETH for every transaction sent, resulting in a potential deflation in the circulating supply of Ethereum. This could skew the supply-demand dynamic in favor of price appreciation.
I can think of at least 5 additional waves.Can you guess what they are? pic.twitter.com/QiDaR28SZm
— Jimmy Ragosa (@JimmyRagosa) June 3, 2020
Technicals Also Bullish
The technicals are also bullish.
Dan Tapiero — the CEO of DTAP Capital, a prominent gold bull, and the head of an upcoming cryptocurrency fund — recently noted that ETH is poised to head higher:
“Chart of ETH on verge of explosive upmove. Are there any upcoming potential catalysts? Move up through 300 projects to 500 minimum in coming 6-12 months. Any strong views out there?”
Chart of Ethereum on verge of explosive upmove.
Are there any upcoming potential catalysts?
Move up through 300 projects to 500 minimum in coming 6-12 months.
Any strong views out there? pic.twitter.com/xLV9wt5CVD
— Dan Tapiero (@DTAPCAP) June 4, 2020
Ethereum surging to $500 would mark a 66 percent rally from $300 and a doubling of current prices.
Raoul Pal, the chief executive of Real Vision and a former executive of Goldman Sachs, explained that ETH is poised to break out against Bitcoin:
“It even looks like Ether will outperform Bitcoin at some point (no position yet). Please remember: No tribal attacks about bitcoin vs ethereum. They are two different things and two different ecosystems.”
ETH/BTC chart from prominent Wall Street investor and analyst Raoul Pal (@RaoulGMI on Twitter).
Related Reading: Crypto Tidbits: $200M of Bitcoin Liquidated, Ethereum DeFi Adoption Limited, Bloomberg Is Bullish
Featured Image from Shutterstock
Price tags: ethusd, ethbtc
There Are Three Fundamental "Waves" That Could End Ethereum Bears in the Long Run origin »
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New data on Ethereum shows that the network had experienced a massive decline in revenue generation for miners. This slump can be partially attributed to the depreciation of the ETH price, which has come down a long way from the all-time of $1,500 in 2018 to roughly $150 in 2019.
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The price of Bitcoin SV [BSV] has surged by almost 125% since Monday, contributing to most major altcoins reflecting this sudden pump. The second-largest cryptocurrency by market cap, Ethereum [ETH] tThe post DeFi's TVL receives another boost as it registers all-time high appeared first on AMBCrypto.
Ethereum price is currently down 91% from its all-time high of $1,570 in January 2018. At the time of writing, ETH has been trading at $141, as per Coincodex. In the past month, ETH lost 23% of its value and is up by only 3.
Как сообщается в твитах CoinMetrics, за последний период не взаимозаменяемые токены NFT или токены ERC721 на основе сети Ethereum (ETH) показали ошеломляющий рост. 1/ There were over 3. 7 million Ethereum ERC-721 transfers on November 17th! That’s over 4x more transfers than the previous all-time high of 846 thousand, which occurred just two weeks ago.
Ethereum (ETH) is closing in on the smallest volatility of all times, show recent trading data. For the past few months, ETH has traded in a tight range, with a relatively predictable price. ETH Prices Stabilize Below $200 Based on Skew analysis, the price of ETH has budged little, with the volatility index at 1.
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dydx protocol is a decentralized margin trading and derivatives platform that allows users to lock up their Ether in smart contracts and uses can earn interest on it or draw DAI based on the locked amount.
Decentralized finance (DeFi) apps are getting pretty popular these days and you can see that from the amount of Ethereum these apps are using. This week, the amount of ETH used reached an all-time high of $2.
The amount of ETH locked in open finance applications broke its all-time high, with 2. 37 million ETH – representing 2. 19 percent of total supply – now locked in various financial protocols.
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Ethereum, the 2nd top cryptocurrency by market capitalization has been way below expectation and has been regarded as a disappointing coin by many, though several experts believe ETH’s price will soar to surpass its all-time high by the ending of the year.
Ethereum, like most altcoins, has been clobbered by bitcoin in 2019, losing more than 39% against the flagship cryptocurrency. ETH recently broke below its historical support of 0. 025 BTC and printed a fresh all-time low of 0.
When the cryptocurrency markets peaked back in late 2017, the price of one ETH soared to $1400. Then Ethereum took a huge hit along with the rest of the cryptocurrency market. But as the markets start to heat up again, Ethereum could be in a much better position to scale and usher in mass adoption.
The cryptocurrency market’s climb back from the crypto-winter of 2018 has been the highlight of 2019, with Bitcoin [BTC], the world’s largest cryptocurrency, leading the charge. Recent analysis however, showed that most cryptocurrencies were still a long way away from their all-time highs achieved during the fag end of 2017, and the beginning of 2018.
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The number of traders betting against ether (ETH) has dropped to an all-time low, suggesting a dramatic reversal in investor sentiment. Data from Bitfinex show that the volume of ether short trades has dropped by more than 75%, from approximately $320,000 at the beginning of February to $74,500 today.
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For years, Ethereum has established itself as the second-best competitor to Bitcoin regarding technology, innovation, and use cases. If many consider Bitcoin as ‘digital gold,’ Ethereum would be ‘digital silver.
According to veteran trader Peter Brandt, Ethereum might have just seen its future looking brighter. Known for his technical forecasts, Brandt feels the altcoin is on the verge of a bullish turnaround.
On-chain data shows the Ethereum adoption rate has hit a four-month high, which could be bullish for the cryptocurrency’s price. Ethereum Network Growth Has Shot Up Recently According to data from the on-chain analytics firm Santiment, the ETH blockchain has recently created many wallets.
Ethereum (ETH) is currently facing significant selling pressure and fear after a 23% decline, bringing its price down to yearly lows at $2,200. One major concern for investors is the ongoing underperformance of ETH compared to Bitcoin, a trend that has persisted since September 2022.
