A number of crypto strategists predict that Ethereum is about to regain its bullish momentum just as the second-largest cryptocurrency is making strides in terms of fundamental development.
A pseudonymous crypto analyst named Crypto Mocho tells his 123,000 Twitter followers that he believes Ethereum is a strong buy on dips as the cryptocurrency forms a solid base around $236.
the gods want we to go long lol $eth
— mocho17™®© ENAMORAO DEL $$$$ ™®© (@cryptomocho) June 6, 2020
Trader Crypto Michaël echoes Crypto Mocho’s sentiments.
He expects ETH to move through a short-term retracement before marching higher. The trader sees Ethereum climbing as high as $331 in August.
Overall looking great.
I'd prefer to see some more consolidation (just like the push towards $215).
In that regard, $215-220 is a potential zone for longs.
In general, as long as green holds, I expect further continuation with potential targets of $300. pic.twitter.com/qTL9BCOnFk
— Crypto Michaël (@CryptoMichNL) June 5, 2020
Meanwhile, trader Galaxy sees Ethereum rising in tandem with Bitcoin this month after the leading cryptocurrency’s impressive performance in May. The move highlights the inherent risk of trading altcoins, which tend to rise and fall based on the direction of BTC.
“Highest monthly close [of] BTC in over 7 months. I’m expecting nothing less than: 11,000 BTC, $300 ETH in June.”
The emerging bullish sentiment in ETH among traders comes amid the cryptocurrency’s growth in a number of on-chain metrics.
Crypto intelligence platform Glassnode reports that the number of addresses holding Ethereum has soared to over 72.25 million in May, representing an increase of more than 144% on a year-over-year basis.
Ethereum users are not simply hodling. Glassnode co-founder Rafael Schultze-Kraft says that the second-largest cryptocurrency’s usage is also skyrocketing.
“The number of new addresses involved in more than one ETH transfer has grown significantly this year. New daily addresses with:
- 3+ txs: 32k (+ 159%)
- 5+ txs: 19k (+ 137%)
- 10+ txs: 9k (+ 114%)
- 25+ txs: 4k (+ 104%)
- 50+ txs: 2k (+ 98%)”
The smart contract blockchain is scheduled to roll out phase 0 of Ethereum 2.0 sometime this year, in part of a long-planned and delayed transition from a proof-of-work to a proof-of-stake model to deal with scalability issues.
Ethereum is trading at $243.50 at time of writing according to CoinMarketCap.