Ethereum Price Analysis: Predicting an Imminent “52-Day Bull Run”
Ethereum, from the start of the year, it has risen more than three times, going from below $100 to well over $300. Technical analysis and strong fundamentals suggest that the coin could keep the momentum going, possibly reaching a 52 week high.
One of the main reasons for the current price rally experienced by Ethereum is Bitcoin. This is because crypto has an unusual price correlation. Another reason is the fact that there is an increase in the number of transactions that are happening in the network. This increased traffic is a sign of growing confidence among the users.
Daily transactions registered on the Ethereum (ETH) network exceeded one million on June 28, for the first time since May 2018, according to data reported by leading Ethereum block explorer Etherscan. As per Etherscan’s data, on June 28 there were 1,004,170 transactions confirmed on the Ethereum blockchain. Before yesterday, the last time the Ethereum chain registered over one million daily transactions was in May 2018. This is not the highest number of transactions recorded on the network. That happened due to the hard fork caused by the DAO hack in 2016.
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.
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.
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.