So far, the cryptocurrency market has made it pretty clear that the value of most popular digital currencies is tied to that of Bitcoin. Therefore, any BTC price increase leads to a subsequent increase for Ethereum (ETH/USD).
ETHUSD Price Breaks Resistance and hits $177
As such, over the last day, the Ether price has been facing an uptrend, thus leading to a 24% price increase. The bullish momentum puts the current trading prices at approximately $176 at the time of writing. Technical analysis showcases that ETH broke through two resistance levels, one at $165 and the second at $170. In case the price remains stable and doesn’t fall rapidly, traders expect the bullish growth trend to continue.
$ETHUSD – Bullish Count, Expect it to play out this way, there is also an alternate count of counting this as a 5 wave motive wave up with this being the 3rd wave.Bullish until the yellow TL breaks pic.twitter.com/VoKfginSPx
— PoiSzn (@PoiSzn) April 3, 2019
Predicting whether Ethereum is finally posed to break the $200 threshold is difficult, yet this will most likely happen in case Bitcoin’s uptrend continues. After all, Bitcoin is currently trading above $5,150, thus recovering from the sharp price fall we experienced yesterday.
it's been 442 days since a daily candle close above the Cloud pic.twitter.com/8JoOOTSoeF
— Josh Olszewicz (@CarpeNoctom) April 3, 2019
Whenever we see a price pump, it is important to take a look at the number of transactions, and overall trading value. With this in mind, over the last 24 hours, the trading value exceeded $11 billion, whereas the number of transactions on the ether blockchain surpassed 750,000.
The Chance of a Sustained Bull Run for ETH/USD
When it comes down to the reasons behind the ether price pump, we have the general trend of ETH following BTC price increases, and the high number of liquidations being carried out on BitMEX, thanks to ETH shorting. Additionally, PayPal has recently funded Cambridge Blockchain Inc., thus showcasing that all types of fintech firms are aware that blockchain is the future of the financial market.
Based on everything that has been outlined so far, trading momentum over the last few days may continue, thus providing the ideal scenario for a longer bull run on the crypto market.