One Chart Shows Why The Ethereum Price Will Moon Soon

Ethereum, the second largest cryptocurrency by market cap, may rally 50% or more next week as this data shows.

Ethereum has been on a tear this week, surging 22% to $320 per token since last Sunday's low of $250. The digital asset is up more than 300% since January 1 and has seen one of the biggest gains in any asset class over the past three years.

The digital currency hit a record high of $372 today, according to CoinMarketCap data.

Ethereum is currently trading at its highest levels since November 2017 when it briefly topped $400 per coin after it entered a bear market that lasted until March 2018.

The digital currency has been rallying sharply in recent months as investors have become increasingly bullish on the technology underlying cryptocurrencies like bitcoin and ethereum.

Ethereum has gained more than 50% since February 19 when it slumped below $200 per token for the first time since August 2017.