Ethereum Price at the Foothill of Massive Explosion! ETH Price Seems to be Poised to Hit $8000 Soon

The post Ethereum Price at the Foothill of Massive Explosion! ETH Price Seems to be Poised to Hit $8000 Soon appeared first on Coinpedia - Fintech & Cryptocurreny News Media| Crypto Guide

Ethereum price has risen above $1700 after the recent spike and displays huge possibilities of smashing $1800 levels in no time. While the asset seems to consolidate pretty well presently, a major upswing is fast approaching that could escalate the prices close to $2000 in the next couple of weeks. 

The second largest crypto is believed to be at the foothill of an explosion as it appears to mirror the 2016-17 trend. Where-in the price ignited a strong bull run to mark its highs beyond $1000 for the first time since its inception. If the asset follows a similar pattern, the ETH price is subjected to a surge by more than 10x very soon.

$ETH #Ethereum #Altseason

-Isn't it incredible, how $ETH continues to copy the structure of '16-'17?
-Even the RSI makes similar moves
-Biggest Altseason since Jan '17- June '17 possibly ahead.

I think we are in for the most exciting part of the whole cycle. Patience. pic.twitter.com/duE23e02PK

— 𝕄𝕠𝕦𝕤𝕥𝕒𝕔ⓗ𝕖 (@el_crypto_prof) July 29, 2022

A popular analyst here compares the price action of the asset during the 2017-18 bull run and the current rally. The analyst says that the asset is copying the previous bull run rally and hence may be poised for a significant upswing. Moreover, the RSI is also forming a similar pattern and hence it may ignite a notable Altcoin season as it happened between January 2017 to June 2017. 

On the other hand, the number of non-zero addresses has reached an ATH of 84,626,207 and the number of addresses in profit also reached a month high of 47,590,069.435. Therefore, the Ethereum (ETH) which is just below the crucial resistance at $1830 is expected to break these levels and jump high towards $2260. Else a notable drop may drag the price back towards $1600.