The crypto market has been trading in the green for several days now, although the majority of coins have seen only slight gains. However, this changed quite suddenly for Ethereum (ETH), whose price surged by 13%, taking the coin’s value from $124 to $139.20. Analysts have taken this as a sign that a short-term recovery is at hand, and that the rest of the market might be affected by the momentum as well.
Yesterday, February 17th, a trader known as ‘Mayne’ suggested that the bear market might be over, basing their assumption on some bullish moves on Bitcoin, Ethereum, and multiple other altcoins. While there is no clear confirmation that this might be the case, the fact is that the market is seeing gains. According to them, traders should not miss out on the opportunity to make a profit simply because of suspicions that the bearish trend is still lurking.
Of course, the volatility surrounding the prices of most coins is still a real threat, and in the past several months, a lot of coins have shown similar patterns. The coins would seemingly reach stability that went on for weeks, only to drop by 5%-10% without warning. However, while this should be taken into an account, it should also be noted that this should not be taken as a guarantee of the coins’ future behavior.
Stability followed by a surge — is the bear market finally over?
The current growth comes after over two weeks of stability in the market. However, a lot of traders are expecting another drop due to similar behavior that the market expressed in the past several months. Of course, this was the stance that traders had prior to the sudden surge that happened on February 18th. This was when Ethereum’s stability ended, although not as everyone expected. Instead of dropping, Ethereum price surged by 13%, as mentioned.
One analyst, known as DonAlt, recently stated that he believes that ETH will even outperform Bitcoin in the following weeks.
I'm incredibly bullish on $ETH for the next few weeks.
I'd get a cardboard Vitalk cutout if I could just so I have it by my side 24/7.
No matter what BTC does ETH will outperform the market in my mind.
I'll use dips as giant buying opportunities.
— DonAlt (@CryptoDonAlt) February 17, 2019
According to DonAlt, this is “Not a big liquid spike, but a controlled walk up.” While bullish on ETH, even DonAlt stated that he did not expect this much action, although the surprise is certainly a positive one.
Other altcoins have also performed rather well compared to Bitcoin, which still demonstrates a sideways movement. Coins like Golem, BAT, Bancor, as well as Maker have surged by 8%-12%. If the trend continues, many believe that a rally might be possible in the final days of February. However, the majority of traders are still cautious, as similar trends often experienced a turn that was just as sudden as the surge.
Meanwhile, Bitcoin is unable to surpass its own major resistance level, leading many to remain skeptical of the surge’s ability to last for much longer.