- A slow retreat from the barrier was evident to $3,400.
- Ethereum is on the brink of a massive bull run.
The market has been up and in green over the past 24 hours. Ethereum is up 4%, while Bitcoin is up 3.7%. Early on, the Ethereum cryptocurrency seemed to be in a bullish period, with a price of $3,800. ETH has made tremendous gains in recent days and is already nearing the $4k mark.
A slow retreat from the barrier was evident to $3,400. This week’s attempts to break lower failed. Famous analyst Michael van de Poppe says December is a good time to purchase cryptocurrencies.
Michael claims a 200 percent surge on $ETH/BTC into the ATH area is possible, but first, there will be a bigger retreat as Bitcoin continues to perform strongly.
$4,000 Level Psychological Barrier
Independent financial research company Fundstrat offers good news for Ethereum enthusiasts. Ethereum is on the brink of a massive bull run, according to the firm’s technical analysis. According to Fundstrat, the crypto’s rising market share will push it over the $4,000 psychological barrier. This would boost the bulls and set the currency up for a fresh all-time high of $4,950.
Cryptex On-chain data shows that Coinbase drew 400k Ethereum yesterday. This may be a sign of institutional interest in the currency. According to CryptoQuant, 400k ETH, removed from Coinbase yesterday.
The fact that institutional investors like ETH may spell doom for it. If ETH is to go further, it will need a lot of money, which implies whales like institutional investors will have to join. According to CoinMarketCap, the Ethereum price today is $3,805.74 USD with a 24-hour trading volume of $14,209,617,612 USD.