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ETH Prices Up by 5.7%, Is Ethereum Headed Towards A Bull Run?

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Ether prices are up by 5.70% in the last 24 hours.

Source-CoinMarketCap

A Look At Weekly Charts 

The week marked alts turning green and a massive rally was seen for ETH and XRP. ETH is trading at $218, at press time. Considering the price movement, a breakout can possibly lead to a bull run. 

The closest support level lies at $180. Unless a massive sell-off happens, these levels are unlikely to be tested. During the latest price rally ETH prices bounced off resistance levels placed at $217. 

 

Source – CoinMarketCap

Furthermore, in the short term, the level of $233 holds significance. Interestingly, in two months ETH price has not crossed this margin. Thus, a movement over $220, can lead the prices to cross $233. 

Reasons Behind The Price Rally 

Yesterday, Ethereum, in an interesting instance, flipped Bitcoin in daily fees. ETH’s price peaked out at $215. 

Source-Twitter

A major catalyst for the surge in ETH price is its steep decline in mid-2019. ETH recorded a 93% drop from its highest price which gave rise to oversold conditions. Thus, when the price recovered above $190, it acted as a resistance level and led to ETH establishing a monthly high. 

Further, lead analyst, Crypto Welson has predicted a massive bull run for Ethereum.

Source –Twitter

He then gave an interesting comparison of price trends seen in 2017- 2019. Further, he said that if the fractal comes into play with a larger force, then ETH could be at the start of one of the biggest runs yet!

Source- Twitter

Ethereum’s Co-Founder Joseph Lubin also took to Twitter and gave an insight on statistics related to Ethereum’s network.

Source- Twitter

Sound Network Strength and Hash Rate

Ethereum hash rate has also made significant gains and presently sits at  200 TH/s – highest it has been in 2019. While the transactions are much below the 2018 peak, the network still looks progressive. It is likely that the metrics will note positive changes when ETH 2.0 and the new consensus model is rolled out in 2020. 

Will Ethereum manage to hold to its massive bull rally? Is flippening possible? Let us know, what you think? 

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