As a seasoned researcher with years of experience in the volatile world of cryptocurrencies, I have seen bull runs come and go, leaving their mark on the ever-evolving blockchain landscape. The latest predictions for Ethereum (ETH) seem to suggest an impending bull run, as experts foresee a substantial upward movement once Bitcoin (BTC) stabilizes.
TL;DR
- Experts foresee a substantial upward movement for ETH, expecting it to quickly gain ground after BTC stabilizes.
- Key on-chain metrics suggest lowered selling pressure and growing investor interest, hinting at a possible bullish phase for the asset’s price.
ETH Bull Run on the Horizon?
Although Ethereum (ETH) saw a 14% price surge in the last week, it’s lagging compared to other major cryptocurrencies. For example, Bitcoin (BTC) jumped 22%, Ripple‘s XRP skyrocketed by 30%, and Dogecoin (DOGE) more than doubled with a rise over 100%.
According to many experts, Ethereum (ETH) hasn’t experienced a significant price surge yet. The well-known investor known as CoinMamba anticipates a major price increase for ETH once Bitcoin (BTC) stabilizes. They further stated that ETH will quickly follow suit.
Bitcoin, a leading force in the market, has reached an unprecedented peak of over $93,000 on November 13, according to CoinGecko. Later, it dipped slightly and now stands at approximately $91,300. It’s intriguing to observe if its value stabilizes in the coming days and whether this trend might lead to a possible rise in Ethereum’s value (as forecasted).
As a crypto investor, I recall Skew’s comparable perspective. It’s worth noting that Ethereum (ETH) exhibited striking parallels to its performance during the last bull market. However, it ultimately surpassed expectations with remarkable growth.
$ETH looks like its doing the same as it did last bull run
lagged BTC & market performance for 2-3 months then broke out
probably see something similar to that
— Skew Δ (@52kskew) November 13, 2024
Other notable figures from the industry anticipate a promising future for the asset, with Ash Crypto and Crypto Beast among them. The first predicts that ETH could trade between $10,000 and $15,000 in the next 6-12 months, while the second has set a “realistic goal” of $8,000.
What are Metrics Suggesting?
As an analyst, I’ve been closely monitoring some key on-chain metrics, and it appears that the price of this asset might be poised for an uptick. For instance, ETH’s exchange netflow has predominantly shown negative figures over the past month, with outflows exceeding inflows. This trend suggests a move towards self-custody methods rather than centralized platforms, which could potentially be a bullish sign as it lessens immediate selling pressure.
Moving forward, let’s delve into the “In The Money” metric: this technical analysis indicator calculates the increase in Ethereum investors enjoying profits on paper. As per IntoTheBlock’s data, it has risen by about 2% over the past 24 hours, indicating a potentially positive trend.
To conclude, there’s been a 5% increase in significant ETH transactions (each transaction exceeding $100,000) over the same period. Such activity is typically associated with ‘whales’, and their participation can be viewed as a positive signal to smaller investors, potentially enticing them to join the ecosystem, thereby infusing new capital.
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2024-11-14 22:26