Ether prices are up by 5.70% in the last 24 hours.
A Look At Weekly Charts
The closest support level lies at $180. Unless a massive sell-off happens, these levels are unlikely to be tested. During the latest price rally ETH prices bounced off resistance levels placed at $217.
Furthermore, in the short term, the level of $233 holds significance. Interestingly, in two months ETH price has not crossed this margin. Thus, a movement over $220, can lead the prices to cross $233.
Reasons Behind The Price Rally
Yesterday, Ethereum, in an interesting instance, flipped Bitcoin in daily fees. ETH’s price peaked out at $215.
A major catalyst for the surge in ETH price is its steep decline in mid-2019. ETH recorded a 93% drop from its highest price which gave rise to oversold conditions. Thus, when the price recovered above $190, it acted as a resistance level and led to ETH establishing a monthly high.
Further, lead analyst, Crypto Welson has predicted a massive bull run for Ethereum.
He then gave an interesting comparison of price trends seen in 2017- 2019. Further, he said that if the fractal comes into play with a larger force, then ETH could be at the start of one of the biggest runs yet!
Ethereum’s Co-Founder Joseph Lubin also took to Twitter and gave an insight on statistics related to Ethereum’s network.
Sound Network Strength and Hash Rate
Ethereum hash rate has also made significant gains and presently sits at 200 TH/s – highest it has been in 2019. While the transactions are much below the 2018 peak, the network still looks progressive. It is likely that the metrics will note positive changes when ETH 2.0 and the new consensus model is rolled out in 2020.
Will Ethereum manage to hold to its massive bull rally? Is flippening possible? Let us know, what you think?
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Coming from a physics background the unpredictability and intrigue of the cryptoverse attracted me to take a dive in this field. I am all eyes and ears for the latest trends in blockchain and crypto sphere. Whenever I am not writing or researching, I love to read sci-fi novels, play basketball and watch action movies. I strongly believe that blockchain and cryptocurrency will bring lasting transformations in people’s lives in the years to come. You can reach out to me at supriya [at] coingape.com.