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Ethereum and the aggregated crypto markets surged yesterday just prior to Bitcoin incurring a sudden influx of selling pressure that sent the markets reeling down. Despite this, ETH is still in a clear uptrend, and improving fundamental conditions could help it surge higher.
Additionally, Ethereum’s transaction volume is surging as of late, which may be one improving fundamental aspect of the cryptocurrency that could help incubate a possible “52-day bull market” that one analyst is anticipating.
Ethereum Drops Below $300, But Bulls Are Still in Control
At the time of writing, Ethereum is trading down just less than 3% at its current price of $298.8, which is down from its daily highs of $320 that were set yesterday.
Although Ethereum’s recent drop is by no means marginal, it is important to remember that the cryptocurrency is still up from its one-month lows of $230 and is up significantly from its three-month lows of $140.
ETH is now approaching $280, which is a price point at which it previously found support after falling from its weekly highs of $360 that were set earlier this week.
Importantly, through the course of Ethereum’s recent bull run, its transaction volume has climbed significantly, running from February lows of 380,000 to highs of over 1,000,000 this past Friday.
The increasing transaction volume does appear to be emblematic of improving fundamental conditions, which may signal that the cryptocurrency’s price action in the foreseeable future which reflect this.
Could ETH Soon Have a 52-Day Bull Run?
Assuming that the improving fundamental conditions do actually translate into positive price action in the near-future, analysts are now noting that Ethereum may soon incur a multi-month bull run.
Mitoshi Kaku, a popular cryptocurrency analyst on Twitter, spoke about this possibility in a recent tweet, explaining that a bullish technical formation that is likely to form in the coming week could spark a massive rally.
“Gann pivot for $ETH (BTC) this week. – Could potentially have a 52 day bull run,” he noted.
Gann pivot for $ETH (BTC) this week. 👀 – Could potentially have a 52 day bull run. pic.twitter.com/biR9vY5unj
— Joe 👨🏻🚀🚀 (@CryptoSays) June 30, 2019
Furthermore, Kaku also explained that this formation will likely be formed sometime in the first week of July.
“A little explanation to those that want to understand the analysis in a better way. These are the levels I am looking for, and the signals are there already. The next time that Chikou line goes above and retest the cloud it will be bull time. Plan accordingly. Maybe 7/5-7/7,” he explained.
A little explanation to those that want to understand the analysis in a better way. These are the levels I am looking for, and the signals are there already. The next time that Chikou line goes above and retest the cloud it will be bull time. Plan accordingly. Maybe 7/5-7/7 $ETH pic.twitter.com/IXzTWwbTwc
— Joe 👨🏻🚀🚀 (@CryptoSays) June 30, 2019
Although Bitcoin’s near-term price action will likely guide the markets, the culmination of bullish fundamentals and bullish technicals could help lead ETH significantly higher in the coming days and weeks.
Featured image from Shutterstock.
