Ethereum Rips 8% Higher in Five Minutes as Crypto Bulls Return

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In the past five minutes, Ethereum has surged dramatically higher. According to data from TradingView, the asset is up by approximately 8% in the past five minutes, trading at $269 for the first time in months.

Ethereum price chart from TradingView.com

This extremely strong performance comes minutes after prominent crypto analysts called for a strong breakout as the asset neared $250.

$250 has been a pivotal resistance for Ethereum over the past few years, acting as a range high on multiple occasions. The fact that the asset surged past it with such strength is convincing bulls that a big bull run is imminent.

One trader shared the chart below in the wake of the move, writing that he still thinks the asset will trend higher towards 2019’s $350 highs. This trader was one who called in March and April to buy the cryptocurrency, writing how the technical and fundamental case for ETH was bullish.

Ethereum price chart from TradingView.com by trader "Cactus" (@TheCryptoCactus on Twitter).

$70 Million in ETH Shorts Liquidated

According to data from Coinalyze shared by a crypto trader, roughly $70 million worth of liquidations took place during this pump. These liquidations took place on approximately $900 million worth of Ethereum volume on derivatives platforms.

This marks one of the largest liquidation events for the cryptocurrency seemingly since March’s capitulation.

Strong Fundamentals Could Drive a Macro Move Higher

While Ethereum’s price action has stalled, analysts think that fundamentals could drive the asset even higher in the months and years to come.

As reported by NewsBTC previously, Mythos Capital founder Ryan Sean Adams said that Ethereum at $243 is “hilarious.” This was in reference to his sentiment that the introduction of staking and the adoption of DeFi will drive up demand for the leading altcoin.

Featured Image from Shutterstock
Price tags: ethusd, ethbtc
Charts from TradingView.com