Ethereum Is Poised to Surge Above $300 By the End of June, Trader Asserts

Nick Chong

5 years ago

2 mins read

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.

As of June 1st, Ethereum was up 25% in the past week alone. But right on cue, the cryptocurrency market saw a harsh correction on Tuesday morning that wiped out the gains seen on Monday.

Bitcoin crashed $1,500 in three minutes on BitMEX, while other cryptocurrencies such as ETH experienced losses in their own markets. This was a drop that took the wind out of the cryptocurrency market’s proverbial sails.

Analyst Still Bullish on Ethereum

Ethereum is primed to fall towards the low-$200s after today’s correction but is still on track to hit $300 by the end of June according to an analyst.

The analyst in question shared the chart below illustrating that ETH recently saw a textbook break out of a symmetrical triangle, showing the trend is still positive:

“As I don’t believe this dip is the end of all crypto, I’m patiently waiting to long low $200 $ETH into $300 by the end of the month.”

Another trader shared the optimism, writing:

“Things not looking that bad right now, would be nice if we could see a retest of the $220 level before we continue higher as we have not even validated it as support. Even with today’s pretty harsh selloff, this structure is still remaining as bullish for now.”

Reasons to Be Bullish on ETH

There is a confluence of fundamentals corroborating the widely bullish sentiment investors have about Ethereum.

As reported by NewsBTC previously, Defipulse.com shared that there is now over $900 million worth of assets locked in DeFi applications.

It’s a trend that shows DeFi is growing, and as a result, so should Ethereum. The founder of Ethereum-based app MakerDAO said:

“4 million Dai was just minted with WBTC in a single transaction. This really showcases the latent demand for non-ETH assets, and it’s the beginning of a broader trend of DeFi acting as an economic vacuum that will eventually attract almost all value to the Ethereum blockchain.”

Adding to the expectations of ETH upside is an analysis by the founder of Mythos Capital, Ryan Sean Adams.

He wrote that the asset is “doubly” undervalued, noting that the transaction fees collected by Ethereum miners have recently spiked.

This is relevant because according to Adams, the price of ETH has been closely correlated with the transaction fees collected for the past five years.

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.