- Ethereum makes a strong come back
- Ethereum price could soon reach $300
- The fundamental signs point towards an upward action
Ethereum News Today – in the last 24-hours of trade, Ethereum, much like the rest of the crypto market has mounted a strong comeback. Ethereum has gained 13% on the day and is close to the $175 multi-week highs it posted due to an influx in its buying volume.
While the comeback has paused at press time, and Ether has found support at the $170 area, one prominent analyst says ETH could soon start going higher again. In fact, he says that we should expect a “full retrace” for Ethereum, which could trigger a move to $300. Let’s see what the analyst says.
Ethereum Price to Reach the $300 Mark Soon
Following the recent plunge to the $150 mark earlier in the week, Ethereum’s price has performed well. It has bounced back during on Thursday, rallying to $175. According to one crypto trader called HornHairs, ETH’s price action has allowed its inverse 12-hour chart to look like the 2017 pump before a full retrace.
The chart shows that Ethereum has recently faced rejection at a key resistance area. HornHairs referenced an inverse chart. He added that ETH posted a clean bounce from the $148 support area meaning the bulls could come. If a full retrace” happens, ETH price will likely return back to the high of $290 it posted in the past in the coming weeks.
There will be an Upward Movement for ETH
To add to ETH’s bullish sentiment according to analyst HornHairs, there has been a convergence of positive fundamentals for the digital asset. The first is based on Grayscale’s Q1 investment report. According to the report, the firm brought in no less than $503.7 million in the past quarter. This happened despite the crash that hit the entire crypto market.
The interesting part about the report is that over 99% of the funds, and inflows, went to two of Grayscale’s vehicles including the Ethereum Trust and the Bitcoin. These Trusts both trade on public markets under ETH and GBTC respectively. According to Spencer Noon, who serves as the head of cryptocurrency investments at DTC Capital (when speaking to the report’s significance for Ethereum):
“The second one is related to the coin’s usage. According to a report from Messari, the daily value transfer (the value of assets that are transferred on the network in a single day) of Ethereum is now the same as that of Bitcoin. The two metrics are now converging side by side, for the first time.”
This means that Ethereum is beginning to rival the number one Blockchain, BTC despite being valued at less than 15% of the total market cap of Bitcoin.