Ethereum is preparing for another massive breakout, according to a fractal analysis by a cryptocurrency trader. This comes after ETH underwent a strong drop on Friday, responding to a drop in the value of gold and U.S. equities.<\/p>\n
One trader shared the chart below on August 8th, indicating that Ethereums recent price action looks like a consolidation pattern in May 2019. The consolidation was followed by a massive pump in 2019, suggesting ETH will do the same.<\/p>\n
I dont know why not all of CT is talking about this ridiculously similar looking fractal. Spoiler: this chop led to another massive pump in 2019.<\/p>\n<\/p>\n
This isnt the only bullish Ethereum price fractal that has recently been shared.<\/p>\n
As reported by NewsBTC previously, a fractal analysis by a trader found that Ethereums macro price action looks similar to BTCs price action from the 2014 highs to the beginning of the 2016-2017 bull run. This analysis suggests that ETH will rally past $1,000 in the middle of 2021.<\/p>\n<\/p>\n
Ethereums fundamentals are also strong, supporting a move to the upside.<\/p>\n
Blockchain data firm IntoTheBlock reported on August 7th that the number of daily ETH transactions is reaching highs not seen since the January 2018 all-time high:<\/p>\n
As can be seen in the graph above, the number of transactions has been on a consistent uptrend throughout 2020. On July 27, the number of transactions on the #Ethereum network reached a level not seen since January 3rd of 2018.<\/p>\n<\/p>\n
IntoTheBlock also indicated that Ethereum has other bullish data, including an increase in total addresses and order book data suggesting there are many buyers of ETH at the moment.<\/p>\n
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More: <\/p>\n
Ethereum Could Soon Burst Past $400: This Eerie Fractal Shows Why - newsBTC<\/a><\/p>\n","protected":false},"excerpt":{"rendered":" Ethereum is preparing for another massive breakout, according to a fractal analysis by a cryptocurrency trader. This comes after ETH underwent a strong drop on Friday, responding to a drop in the value of gold and U.S. equities Continue reading