Ethereum Is Showing Bullish Signals, Can It Rally 50% From Here?
Ethereum (ETH), the second-largest cryptocurrency by market capitalization, finally showed signs of life over the weekend, surging to $3,300. With multiple optimistic signals on its chart, the cryptocurrency token is thought to be beginning a trend reversal with this advance.
Crypto expert Derek disclosed in a He also emphasised the Ethereum Dominance Chart, which provided a robust recovery and validated three low points.
The expert clarified that "leading a rebound after confirming the bottom three times means that a further decline is not necessary, and there is a good chance that there is no intention to do so" . It's interesting that the analyst brought up the fact that Ethereum's price increase happened without any volume.
This phenomenon happens when institutional investors are more cautious during this time and individual investors are more aggressive. This immediately draws attention to recent acquisitions made by Ethereum whales like Justin Sun, who have made substantial contributions to the cryptocurrency's recent upsurge.
According to a recent story by BTC News, a wallet purportedly owned by TRON's founder just bought $405 million worth of Ethereum. Since February 12, $891 million worth of Ethereum had been stored in this wallet and another that is allegedly owned by Sun. Token Journal also revealed that another whale had launched a second long position worth over $17 million, after having lost $4.5 million in eagerly held Ethereum.
On the daily chart of its Bitcoin pair, Ethereum had a respectable breakout towards a descending trendline, according to cryptocurrency specialist Trader Tardigrade. He continued by saying that there is a corresponding breakout from a symmetrical triangle shown in the Ethereum Relative Strength Index (RSI).
The RSI number is currently above 50, which is positive for a cryptocurrency token, according to the crypto researcher. Trader Tardigrade declared that it is "time for Ethereum" based on these indications. He added that once Ethereum starts its upward parabolic climb, other altcoins will moon.
"The rise of Ethereum will lead to the explosive rise of altcoins that have been oppressed," Derek also predicted. Crypto expert Crypto Prof expressed a similar bullish outlook on Ethereum, stating that altcoins will "run even higher" if Ethereum trades much higher in the upcoming months.
Before the halving, cryptocurrency analyst Michaël van de Poppe forecast that Ethereum would become the main story and that after the excitement surrounding the halving subsided, the crypto token and other altcoins will return to their Bitcoin pair.
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