Ethereum “52 Day Bull Run” Prediction Triggers Surge of Transactions

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Eteherum surges after 52 day bull run prediction

Ethereum and the whole crypto markets rose yesterday just prior to Bitcoin suffering an unanticipated influx of selling pressure that sent the markets lurching down. Despite this, ETH is still in a clear uptrend, and improving fundamental conditions could help it surge higher.

On top of that, Ethereum’s transaction volume is surging as of late, which may well be one improving fundamental component of the cryptocurrency that could help incubate a possible “52-day bull market” that one analyst is foreseeing.

Ethereum Drops Below $300, But Bulls Are Still in Control 

At the moment of writing, Ethereum is trading downward just short of 3% at its current price of $298.8, which is below its daily highs of $320 that were set yesterday.

Although Ethereum’s current drop is by no means marginal, it is very important to bear in mind that the cryptocurrency is still up from its one-month lows of $230 and is up considerably from its three-month lows of $140.

ETH is now coming close to $280, which is a price point at which it earlier found support after plunging from its weekly highs of $360 that were set earlier this week.

Importantly, through the course of Ethereum’s recent bull run, its transaction volume has risen considerably, running from February lows of 380,000 to highs of over 1,000,000 this past Friday.

The increasing transaction volume does appear to be emblematic of improving fundamental conditions, which may well indicate that the cryptocurrency’s price action in the near future which reflect this.

Could ETH Soon Have a 52-Day Bull Run?

Speculating that the improving fundamental conditions do actually translate into encouraging price action in the near-future, analysts are at present noting that Ethereum may very soon incur a multi-month bull run.

Mitoshi Kaku, a popular cryptocurrency analyst on Twitter, spoke about this possibility in a recent tweet, explaining that a bullish technical formation that is likely to form in the coming week could trigger an enormous rally.

“Gann pivot for $ETH (BTC) this week. – Could potentially have a 52 day bull run,” he noted.

Furthermore, Kaku also explained that this formation will likely be formed sometime in the first week of July.

Mitoshi Kaku“A little explanation to those that want to understand the analysis in a better way. These are the levels I am looking for, and the signals are there already. The next time that Chikou line goes above and retest the cloud it will be bull time. Plan accordingly. Maybe 7/5-7/7,” he explained.

Because Bitcoin’s near-term price action will more than likely lead the markets, the coming together of bullish fundamentals and bullish technicals could help lead ETH considerably higher over the next 4 to 10 days.

Featured image from Shutterstock.

The post Ethereum Transactions Surge as Analysts Predict an Imminent “52-Day Bull Run” appeared first on NewsBTC.

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