Now up nearly 100% from the bottom of the dark Thursday, ETH is still about 90% lower than the ATH level set in early 2018 at $ 1,400. For some reason, the market doesn't see as much relative value in cryptocurrencies as it did at ATH, when 10 ETH has the same value as 1 Bitcoin.
However, a simple market cycle fractal shows Etherem is on the verge of a major rally.
Fractal proposed that ETH was about to protest
Although the movements of the cryptocurrency market seem random, analysts think there is a rhythm to the market.
Trader Polar Hunt shared the chart showing that ETH's price action since its inception was similar to Bitcoin's price action before rising from ~ 500 to $ 20,000. The implication is that if ETH follows Bitcoin's market cycle to T, ETH will have a parabolic growth spanning many years.
Market cycles pic.twitter.com/EQvjpl5YY5
- Polar Hunt (@polar_hunt) April 11, 2020
This is the second time such a scenario has appeared in recent months. Trader CryptoWolf earlier this year already comment that Ethereum may be one of the best investments in the 2020s, pointing to the fact that there is a striking similarity between ETH charts (from its inception to now) and Bitcoin before $ 20,000 price increase from the three-digit price.
It seems that the traders are preparing for this opportunity.
Data from leading exchange Bitfinex shows that many traders are long Ethereum, accounting for 1.8% of the total supply of assets is margin long on Bitfinex. Acknowledging this, fund manager Su Zhu observed a group of traders or a single Whale adding $ 40 million Ethereum to their stacks for several hours.
The claim that ETH is likely on the verge of embarking on a parabolic rally could be aided by a news event.
Reddit - a huge online forum with hundreds of millions of monthly active users - is using ETH for an upcoming project called Community Points.
This was discovered by a user named MagoCrypto, who posted a video showing on his Reddit app, has an integrated wallet with ETH address, along with an explanation of the digital coin / point system. .
Although details about this project have not been released yet, members of the cryptocurrency community were completely satisfied with this information.
Ryan Sean Adams, an investor at Mythos Capital, has expressed the importance of this feature in one tweet April 10:
“Reddit (is) launching a community token system based on Ether. Is it possible? It won't be long. "
You can see the price of Bitcoin here.
Disclaimer: This is not investment advice. Investors should research carefully before making a decision. We are not responsible for your investment decisions.
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