• Advertise
  • Submit a Press Release
NewsBTC
Bitcoin & cryptocurrency news today, price & technical analysis
Price & Market
Cap Data from
Nomics Logo
  • News
    • Bitcoin
    • Ethereum
    • Ripple
    • Cardano
    • Tezos
    • EOS
    • Chainlink
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Education
    • Accepting Bitcoin payments
    • Using Bitcoin
    • What is Bitcoin Mining
    • How to Trade Bitcoin
    • How to Buy Bitcoin
    • Digital Currency Exchange
    • Proof of Existence
    • Is Bitcoin legal?
    • Bitcoin Books
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • TradeeToro
  • Gamble +Try
  • Play GamesTry
  • BUY BITCOINTry
No Result
View All Result
  • News
    • Bitcoin
    • Ethereum
    • Ripple
    • Cardano
    • Tezos
    • EOS
    • Chainlink
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Education
    • Accepting Bitcoin payments
    • Using Bitcoin
    • What is Bitcoin Mining
    • How to Trade Bitcoin
    • How to Buy Bitcoin
    • Digital Currency Exchange
    • Proof of Existence
    • Is Bitcoin legal?
    • Bitcoin Books
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • TradeeToro
  • Gamble +Try
  • Play GamesTry
  • BUY BITCOINTry
No Result
View All Result
NewsBTC
No Result
View All Result
Price & Market
Cap Data from
Nomics Logo
Home Cryptocurrency news Ethereum

It’s “Decision Time” for Ethereum, and Analysts Bet ETH Surges to the Upside

Nick Chong by Nick Chong
8 months ago
in Ethereum
Reading Time: 2min read
Advertisement
Listen to Article

It’s been an explosive past few days for Ethereum.

In the past 24 hours alone, the second-largest cryptocurrency is up 10%. As reported by NewsBTC previously, the asset is currently pushing $244, the highest price since early March.

This surge is important as it comes at a critical time for cryptocurrency bulls. One prominent trader shared the ETH/BTC chart seen below a few days ago, writing that it’s “decision time” for Ethereum.

5 BTC + 300 Free Spins for new players & 15 BTC + 35.000 Free Spins every month, only at mBitcasino. Play Now!

The chart indicates that ETH is soon about to see a massive breakout past a crucial downtrend that has held for nearly three years and past a key relative strength index level. In rallying today by 10%, outpacing Bitcoin, Ethereum may be set to rally even higher in the coming weeks.

Chart of ETH/BTC macro performance from crypto trader FatihSK (@FatihSK87)
Chart of ETH/BTC macro performance from crypto trader FatihSK (@FatihSK87)
Related Reading: Crypto Tidbits: Bitcoin Nears $10k, Goldman Sachs Talks Cryptocurrency, Chinese Yuan Slumps

There Are Reasons to Be Bullish, Analysts Explain

There are reasons why this rally is taking place and why more upside is expected, analysts have explained.

Mythos Capital founder Ryan Sean Adams indicated this week that the fundamentals of ETH have grown over the past few weeks.

The increase in transaction demand has increased transaction fees, which is suggestive of a higher Ethereum price, he explained.

Adding to the bullish confluence, an analyst noted that ETH/BTC has seen its monthly Moving Average Convergence Divergence (MACD) cross bullish “for the first time since inception.”

The MACD is a trend-following momentum indicator that shows the relationship between two moving averages of a security’s price, as Investopedia explains. 

Such a trend indicates that the Ethereum trend that has transpired over the past few weeks has been extremely positive.

Related Reading: This Eerily Accurate Fractal Predicts Bitcoin Will Rocket to $20,000 in 2020

Investors Are Long on Ethereum

Investors are picking up on these trends and have flipped bullish on the asset.

Blockchain analytics firm Santiment recently found that there has been a rapid increase in accumulation by some of ETH’s “whale” addresses over the past few weeks.

“ETH whale addresses have just hit a 10-month high with the cumulative holdings of the top 100 non-exchange wallets now owning over 21,800,000 Ethereum. This is the largest collective balance held within the top 100 addresses since May, 2019. In the last two days alone, these top ETH whale addresses have added an additional 145,000 coins.” Santiment wrote in reference ot the chart below.

Chart of ETH whale holdings from blockchain analytics firm Santiment

There are also prominent venture capitalists like Garry Tan, one of (if not the first) investor in Coinbase, who have recently started to scoop up the asset in anticipation of upside.

Started accumulating $ETH again

— Garry Tan (@garrytan) May 31, 2020

Related Reading: This Crypto Use Case Has Never Been as “Underrated” Due to Twitter and Trump
Featured Image from Shutterstock
Tags: ethbtcethereum priceethusdrally
TweetShare
Nexo Logo
BitStarz Player Lands $2,459,124 Record Win! Could you be next big winner? Win up to $1,000,000 in One Spin at CryptoSlots
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.

Related Posts

Highly Anticipated Ethereum Fee Model Upgrade is Expected in 2021

Highly Anticipated Ethereum Fee Model Upgrade is Expected in 2021

2 days ago
Ethereum

Ethereum Rallies Towards All-Time Highs as BTC Stalls; What Analysts are Saying

4 days ago
Ethereum, ETHUSD, ETHBTC, ETHUSDT, cryptocurrency

Ethereum Analyst Predicts Record High against Eerie Bearish Setups

2 weeks ago
Ethereum, ETHUSD, ETHBTC, Bitcoin, cryptocurrency, BTCUSD, BTCUSDT

Don’t Sell Your Bitcoin and Ethereum on RSI Warnings: Analyst

2 weeks ago
Bullish Continuation Pattern on Ethereum Predicts Price Over $1,500

Bullish Continuation Pattern on Ethereum Predicts Price Over $1,500

2 weeks ago
ethereum defi crypto altcoin

Ethereum “Anti-Network Effect” Shows “DeFi Has Outgrown” The Altcoin

3 weeks ago

Premium Partners

Top Brokers

eToro

eToro

Review · Visit
Changelly

Changelly

Review · Visit
Evolve Markets

Evolve Markets

Review · Visit
ArbiSmart

ArbiSmart

Review · Visit
PrimeXBT

PrimeXBT

Review · Visit
Moneta Markets

Moneta Markets

Review · Visit

Top Casinos

BitStarz

BitStarz

Review · Visit
CryptoSlots

CryptoSlots

Review · Visit
mBit

mBit

Review · Visit
CryptoGames

CryptoGames

Review · Visit
Bonusfinder DE

Bonusfinder DE

Review · Visit
Bspin

Bspin

Review · Visit
Wolf Bet

Wolf Bet

Review · Visit

Top Sportsbooks

1xBit

1xBit

Review · Visit

Press Releases

Cryptowisser Releases Report on Exchanges With Lowest Fees

January 22, 2021

LABS Group Announced Strategic Partnership with Centifuge to Provide DeFi Collateralized Property Backed Lending

January 22, 2021

Jump-starting Crypto Adoption: Aurix IEO Scheduled for January 21st on ExMarkets!

January 22, 2021

Newsletter Signup


ABOUT US

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.

We cover BTC news related to bitcoin exchanges, bitcoin mining and price forecasts for various cryptocurrencies.

COMPANY

  • Advertising
  • Comments Policy
  • Privacy Center
  • Sitemap
  • About Us
  • Contact

Technical Analysis

  • Bitcoin (BTC)
  • Ethereum (ETH)
  • Ripple (XRP)
  • Chainlink (LINK)
  • Cardano (ADA)
  • Tezos (XTZ)

LINKS

Auto Trading Software ▸

Cryptocurrency news

  • Bitcoin
  • Ethereum
  • Ripple
  • Chainlink
  • Cardano
  • EOS
  • Tezos

© 2020 NewsBTC. All Rights Reserved.

  • News
    • Bitcoin
    • Ethereum
    • Ripple
    • Cardano
    • Tezos
    • EOS
    • Chainlink
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Education
    • Accepting Bitcoin payments
    • Using Bitcoin
    • What is Bitcoin Mining
    • How to Trade Bitcoin
    • How to Buy Bitcoin
    • Digital Currency Exchange
    • Proof of Existence
    • Is Bitcoin legal?
    • Bitcoin Books
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Trade
  • Gamble +
  • Play Games
  • BUY BITCOIN

© 2020 NewsBTC. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.