Ethereum is predicted to follow recent trends on the cryptocurrency market and rise in its market value over the next few weeks.
Crypto market analysts have laid predictions that Ethereum will experience a run that will see the cryptocurrency rise to trade at as much as $900. A popular analyst, who goes by the name Benjamin Blunts on Twitter pointed out the similarities between Ethereum’s current chart and the cryptocurrency’s current market trend. A comparison between the two charts shows that Ethereum is likely to experience a bull run after it breaks out of a symmetrical triangle as it did in 2017. If this trend is followed, the analyst predicts that Ethereum could reach as high as $900 on the market.
Benjamin Blunts set the key point for Ethereum’s astronomical rise at $302 and currently, the currency is trading above that figure. If the analysis and predictions are accurate, the expected shoot may be just around the corner. Traders may serve themselves well by looking to buy Ethereum at this point as every market pointer shows that the predictions are highly likely to pass. It will be interesting to see how Ethereum trading will affect the rest of the market over the next few weeks. If recent trends are anything to go by, the cryptocurrency markets will see positive trading all round if Ethereum does indeed go on its expected bull run.
The Recent Market Trends
Crypto markets around the world have been experiencing a lot of positive trading and some cryptocurrencies have grown in their market value. After Bitcoin rose to pass the$10,000 mark, there has been a lot of positive reactions from traders and investors. Bitcoin generated a new wave of renewed interest in cryptocurrencies and this effect has been felt across the board. Ethereum could benefit from this as the “number 2” cryptocurrency on the market and have its price rise after that of Bitcoin.
The markets also responded positively to news of Facebook’s Libra. The announcement of the project also generated positive news around cryptocurrencies and it is one of the reasons why crypto markets are performing the way they are. Needless to say, a combination of Ethereum’s current chart and the general feel on the market will most likely serve the currency well. Investors are on the market looking to buy cryptos and by virtue of its position in the crypto world, Ethereum is a good option for one to look at.
Will Ethereum Make It?
Looking at the predictions made by Benjamin Blunts, market trends and a lack of major resistance in the currency’s path, it is same to say that a market value rise is on the cards. If Ethereum surpasses the $385 mark with heavy volume, it is likely to be skyrocket. The only resistance after the $385 mark is reached between $850 – $900 and hence, the currency would have achieved the predicted run. Crypto markets and traders will surely be waiting in anticipation for the run Ethereum is about to go on.