Over the past two days, Bitcoin, Ethereum, and the rest of the cryptocurrency market have shot higher, retaking key price levels after an 8% correction that brought BTC as low as $7,700. Analysts say that this move is a precursor to strong price action in BTC and ETH.

Cryptocurrency trader CryptoWolf recently noted that Ethereums price, with the latest price action, has allowed the cryptocurrency to break above a seven-months falling wedge chart structure. Due to the magnitude of the importance of this chart pattern, the turning of the wedge into support could lead to ETH pressing much higher than it is now.

Not to mention, fundamental metrics suggest that growth is imminent.

A Twitter user recently shared the below chart, writing that Ethereums network growth is on an upward trend. Indeed, per their chart, network growth, defined by the number of new addresses created each day, has recently surged to levels not seen since the top of 2019s bull run.

Although the number of new Ethereum addresses may not seem to related to ETHs price on the surface, the users chart shows that there is a clear correlation between the two metrics, with address count growth seemingly preceding price action.

Due to this historical correlation, the rapid growth seen in this metric could imply that the second-largest cryptocurrency has extreme upside potential ahead of itself, upside that may take it back towards $200 and $300.

While a bullish case for ETH is rapidly building, a key price level must hold for said case to remain potent.

Per previous reports from NewsBTC, Michael Van De Poppe, a contributor to CoinTelegraph and a noted crypto analyst,recently notedthatEthereumis effectively on the edge of a cliff at the moment, per his analysis.

He noted that if the second-largest cryptocurrency manages to break below $133 a mere 8% below current levels on a daily basis, meaning that it will have to turn that area into resistance, a move to $100, maybe even lower, could be had.

Van De Poppe, who is also a full-time trader at the Amsterdam Stock Exchange, noted that $133 is an extremely important horizontal support, for it acted as support last April and in November of last year.

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Ethereums Price Chart Just Printed This Extremely Bullish Signal - newsBTC