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Ethereum Experiences High Trading Volumes Prior To Predicted Bull Run

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The cryptocurrency, which is the second biggest one in existence by market cap, has been showing signs of an impending bull run that analysts have noted.

Ethereum showed a surge yesterday as did the cryptocurrency markets as a collective. This surge happened prior to Bitcoin experiencing selling pressure which sent the markets backward. Although the markets were affected by the selling pressure on Bitcoin, analysts still predict that Ethereum will experience a surge and will see it continue on its recent upward growth trend. Ethereum trading volumes have increased and analysts have predicted a possible 52 days bull run for the cryptocurrency.

Ethereum’s Price Drop Is Still In Line With Predicted Bull Run

After the markets felt the effects of the selling pressure on Bitcoin, the price of Ethereum fell below the $300 mark from about $320. This price drop is significant but the cryptocurrency still remains upward of its monthly low of $230. In the past three months, Ethereum also once reached a low of $140 and trading close to $300 is well within the positive range that traders of the cryptocurrency would like to see it in.

The increased trade volumes of Ethereum are reflective of the trend the cryptocurrency is on and show how it is most likely to perform going forward. In February, Ethereum experienced transaction volumes around the 380,000 mark and this past Friday, it experienced a high of 1,000,000 transaction volumes. The new transaction heights the currency is experiencing are a sign of the general feeling around the trading of it.

Analysts’ Predictions Regarding Ethereum’s Bull Run

Working with the assumption that the current trends around Ethereum are maintained and they’ll translate to a price surge for the currency. The bull run analysts are predicting for Ethereum could run for a few months. A few weeks back, a popular analyst who goes by the name Benjamin Blunts on twitter pointed out similarities between the cryptocurrency’s current trading chart and its 2017 one that preceded a bull run in that year. He said that if trends match and continue to do so, the cryptocurrency would possibly trade at the $900 mark by the end of its bull run.

Another popular cryptocurrency analyst, Mitoshi Kaku, also tweeted about Ethereum’s possible bull run. Kaku explained that Ethereum’s chart is showing the chances of a massive rally in the next few weeks due to a bullish technical formation. He says that the bull run could be experienced starting from the first week of July. If the predictions of these analysts come to be, a run that will see cryptocurrency traders scamper to buy Ethereum (ETH) is likely to come. This, coupled by the general positive outlook that has been around cryptocurrencies, will likely increase the market cap of the currency.

The Bottom Line

Ethereum trading has been experiencing high volumes and analysts predict that the cryptocurrency is close to going on a bull run. While the price of Ethereum dropped over the last few days due to seeking pressure on Bitcoin, the bull run is still on the cards and a price surge is expected over the next few weeks.

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      A journalist, with experience in web journalism and marketing. Ali holds a master's degree in finance and enjoys writing about cryptocurrencies and fintech. Ali’s work has been published on a number of cryptocurrency publications.