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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

Last Time This Signal Flashed, Bitcoin Surged Over 2,000%. Now It’s Ethereum’s Turn

Nick Chong
Nick Chong
5 years ago
2 mins read
Ethereum

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Ethereum didn’t fare too well in 2019, as this very outlet reported at the end of last year; in fact, the cryptocurrency posted a negative performance.

But, key indicators show that ETH is about to mount an extremely strong, potentially even explosive and parabolic, rally.

Ethereum Could Soon Enter Explosive, Parabolic Rally: Indicator

Cryptocurrency trader Alunaut recently noted that a monumental sign has been seen on the one-week chart of Ethereum.

The price of the asset recently crossed above and confirmed a close above the Ichimoku Cloud, boding extremely well for ETH’s bull case moving forward.

Indeed, when this was seen with Bitcoin in 2016, the cryptocurrency proceeded to rally by thousands of percent to $20,000 in the months that followed.

This historical precedent suggests Ethereum could do extremely well in the coming year or two years.

https://twitter.com/onemanatatime/status/1230908815354159104

Not the Only Extremely Bullish Signal

The bullish Ichimoku Cloud is far from the only technical indicator to suggest Ethereum is on the verge of a long-term growth cycle that may bring it above $1,000 for the second time ever.

Per previous reports from NewsBTC, prominent trader Galaxy recently noted that the one-month Moving Average Convergence Divergence (MACD) has just recently flipped from a bear to bull trend for the first time in two years, for the first time since October 2017.

With the MACD being a momentum indicator that tracks an asset’s trends, the indicator saying a bull trend is forming on the one-month chart is extremely positive for Ethereum bulls.

“Wow bro look at $ETH pumping”

Lol stfu and zoom out. It’s just starting. pic.twitter.com/BazN3ZJsCd

— Galaxy (@galaxyBTC) February 7, 2020

Indeed, the last time this indicator was seen, the cryptocurrency rallied from $300 to a high of $1,440 — a surge of just under 400% — in under six months’ time.

Fundamentals (like Serenity) Could Add to Ethereum’s Uptrend

While Ethereum rallying by hundreds or even thousands of percent from here may seem ludicrous, there are fundamentals to back a large amount of growth in the cryptocurrency.

Namely, the proximity of the blockchain’s 2.0 (or Serenity) upgrade, which will fundamentally change how Ethereum works in a way that many say will be the for the better.

Boring details aside, Ethereum 2.0 will see the amount of ETH issued per block be cut dramatically, meaning that the relatively-high inflation rate of the asset (compared to BTC post-halving, fiat, etc.) will be dropped dramatically.

The decreased selling pressure from miners, coupled with the adoption enabled by the technical improvements included in Serenity, should help push Ethereum higher in the long run.

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Nick Chong
Nick Chong

Nick Chong

I am a writer who has been following Bitcoin for years now. My insights and interviews have been featured in leading publications in the industry such as LongHash and Decrypt. I own a small amount of Bitcoin.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

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NewsBTC is a cryptocurrency news service that covers bitcoin news today, technical analysis & forecasts for bitcoin price and other altcoins. Here at NewsBTC, we are dedicated to enlightening everyone about bitcoin and other cryptocurrencies.

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