Ethereum Approaches ATH
Hello Crypto Folk! Happy New Year!
We are less than two weeks into the new year but we can safely say this is going to be a very interesting bull run and one that may even beat the euphoria of the 2017 bull run.
We have seen Bitcoin double its ATH after breaking it in a matter of days, and now Ethereum is on a parabolic run to perhaps do the same.
Ethereum Price Discovery
Since the first of January, Ethereum has increased in price by 600% in the matter of 8 days, as it aims to break the ATH of $1450.
Judging on the growth of Bitcoin after breaking its ATH, several are predicting the same for Ethereum which fundamentally looks strong due to a few reasons:
· Ethereum 2.0 with $300 Million of Ethereum staked
· Ethereum price against BTC showing bullish signs
The number of people staking Ethereum is a bullish sign, and signifies the amount of hope in Ethereum 2.0- the people who have staked their Ethereum losing it forever if Eth does not work out and technically have to wait for the update to be completed.
Furthermore, after inspecting the Ethereum price against Bitcoin, it has been on an upward surge after claiming a dead cat bounce. Therefore, we can expect Eth to continue to grow in dollar terms as long as it stays bullish in Bitcoin terms.
Additionally, the Bitcoin bull run was psychologically new territory for most holders; with some booking profits in the $25k-35k range due to anxiety for a potential pullback; however as Bitcoin continues its parabolic run, we can assume that Ethereum holders will expect a similar price run and thus there will be less sellers if Eth breaks its ATH.
CAUTION
The launch of a CME Ethereum contract on the 8th of February may lead to downward pressure, Bitcoin futures were launched on December 17 2017; this followed a 67% downward push of the Bitcoin price. This is due to the fact that institutions did not have access to the short market of Bitcoin until the futures contract was launched; therefore, caution against a similar scenario is necessary.
DISCLAIMER: The opinions expressed in the Blog are for general informational purposes only and are not intended to provide specific advice or recommendations for any individual or on any specific security or investment product. It is only intended to provide education about the financial industry.
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