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Home Cryptocurrency news Bitcoin

Surging Ethereum Volume While Price Skyrockets Is Major Bullish Sign

Tony Spilotro by Tony Spilotro
12 months ago
in Bitcoin, Cryptocurrency news, Ethereum
Reading Time: 2min read
ethereum crypto volume
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The number two cryptocurrency by market cap, Ethereum, has been rallying alongside the rest of the crypto and altcoin market and has recently even outperformed Bitcoin by a significant margin.

Surging Ethereum prices have also coincided with growing volume, which is an extremely bullish sign that the asset is in good health and the crypto market may be ready to rally even higher in the coming days.

Ethereum Volume Surging Alongside Price is Bullish Signal

Ethereum is up nearly 75% since the start of 2020 and has grown over 92% from the low of $116 it set in December 2019 before the year came to an end.

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Following two years of a downtrend in the number two cryptocurrency by market cap, investors who may be reluctant to buy in at current levels fearing more downside may now have reason to take the risk.

Related Reading | Alt Season Cancelled? XRP, Ethereum, and Litecoin All Trigger Sell Signal 

According to new data from Skew crypto market analytics, Ethereum volumes are back and growing, reaching as much as over $600 million in yesterday’s trading session on Bitcoin-based margin trading platform BitMEX.

Increasing volume + increasing price = bullish$ETH https://t.co/RI1yqdrHrs

— Josh Rager ? (@Josh_Rager) February 7, 2020

After a strong spike around mid-January, volume fell back to stable levels, but have been rising steadily since. Crypto analysts conclude that the increase in volume along with an increase in price in Ethereum is extremely bullish and could signal far more upside in the days ahead.

Can the Crypto Asset Reclaim Its All-Time High?

During the crypto bubble of 2017, Ethereum prices ballooned to as high as $1,400 per ETH, but following the bubble popping, prices fell over 94% to lows of around $80.

In 2019, Etheruem recaptured much-lost ground, gaining over 330% and reaching a yearly high of $365, before the number two cryptocurrency crashed again to the recent local low of $116.

In just over a month, Ethereum has nearly doubled in price, reaching $220 and preparing to rip higher if the resistance level above can be taken out.

The growth in volume supports further expansion, which could propel Etheruem to as much as $300.

ethereum price chart

Above $300 would let Ethereum rise toward a retest of the 2019 high, and a break could take it to $400. Beyond $400, former support turned resistance lies at $560, $800, and $1,050.

Etheruem taking out all of the higher levels would likely lead to a new all-time high.

Related Reading | 10 Factors Confirm a New Crypto Bull Market Has Officially Begun 

Many crypto analysts had claimed that the altcoin market would never reclaim highs set back during the crypto bubble, but given the strength brewing in Etheruem markets, the cryptocurrency could end up proving them wrong.

Numerous bullish factors suggest a new bull market is close, but a breakout fo current local resistance levels are the main major hurdle between here and new all-time highs.

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Tags: bitcoincryptoethereumjosh ragevolume
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Tony Spilotro

Tony Spilotro

I'm Tony Spilotro. Behind the pseudonym, I'm a digital media executive and global remote work leader with a decade of content experience and excellent. Here, I explore my newfound passions pertaining to privacy, finance, economics, politics, cryptography, property rights, and other libertarian-esque views. I am a Bitcoin evangelist, maximalist, and educator whenever I can be, helping to spread its message of freedom from government control, monetary policy mismanagement, and passing the buck - literally – to future generations. My journey from a curious retail crypto investor to a serious Bitcoin advocate, trader, and technical analyst is an unusual one, but life-changing nonetheless and has become less about money and more about a long-overdue revolution. While a firm believer in the laws governing math and science, I am profoundly fascinated by the impact of astrology and astronomy including moon and solar cycles and planetary alignment and their ability to influence and potentially predict markets. It hasn't yet clicked for me as to how to put anything to use, but I consider it my current rabbit hole I can't yet dig out of. My perspective of growing up alongside the internet, the dot com era, the Great Recession, and roots in video games collecting coins and rare items caused Bitcoin to immediately make sense to me. Through all of these lenses, I seek to produce content that is educational and entertaining, and I thank you sincerely for taking the time to read what I have to say. Please follow me on Twitter and feel free to drop me a line if you would like to work together.

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