In the last few days, for the queen of cryptocurrency, the Ethereum price movement had been explosive. In just a twenty-four-hour window, there has been a rise of up to 10 percent. At the time of writing, the queen of cryptocurrency is pushing for $244, which is the highest price since March.
This on-going surge is significant as it is occurring at a time when there is a bullish cryptocurrency trend. A couple of days ago, a famous trader shared an ETH/BTC chart on his Twitter handle expressing that now is the decision time for Ethereum.
3D RSI says decision time pic.twitter.com/HiLCcbxSRY
— FatihSK (@FatihSK87) May 26, 2020
The chart below indicates that Ethereum is heading towards a massive breakout after getting over a crucial downtrend that had been there for about three years and moving past a key relative strength index level. Looking at today’s rally of Ethereum by 10 percent, in which the queen of cryptocurrency Ethereum outpaced the king of cryptocurrency Bitcoin. In the upcoming weeks, and even higher is expected.
Is Ethereum price going in for a boom?
According to the analysts, there are reasons and explanations for the current Ethereum price rally and expected upsides.
The founder of Mythos Capital, Ryan Sean Adams, had pointed out this week the fundamentals of ETH have grown as compared to the previous weeks, and this increase in the demand for the transaction has consequently increased the fees of the transaction, which tends to imply the higher Ethereum price.
This is the largest collective balance held within the top pic.twitter.com/AJgfgsYFE5
— Santiment (@santimentfeed) May 28, 2020
Blockchain analytics firm, Santiment, has recently discovered that a sharp increase has been witnessed in the accumulation of some of Ethereum’s addresses within the last couple of weeks.
Started accumulating $ETH again
— Garry Tan (@garrytan) May 31, 2020
Lastly, a famous venture capitalist Garry Tan recently began to scoop up Ethereum in anticipation of the upside.