Ethereum: Is this the start of a 2017-style ETH rally? – Data suggests…
The post Ethereum: Is this the start of a 2017-style ETH rally? – Data suggests… appeared on BitcoinEthereumNews.com.
Key Takeaways Ethereum was setting up just like it did in the 2017 cycle. With the dwindling supply of ETH on CEXs at 13.4% lower than that of Bitcoin, a rally could be imminent. Can institutions make this happen? Ethereum [ETH] was trading at $3,435 at the time of writing, with the altcoin up about 8% in the last 24 hours. The daily trading volume was about $52M at the time of writing, about $20M short of what Bitcoin [BTC] had. As the altcoin continues to rally, analysts are betting on it to repeat previous successes. Can Ethereum do it? A repeat of the 2017 pattern? Analyst Mister Crypto on X, formerly Twitter, predicted that a rally for ETH was coming. The prediction came from the analysis that showed Ethereum could repeat its 2017 pattern. Mister Crypto’s prediction suggested that ETH could surpass $6,200, which would coincide with the high of $385 in 2017. His tweet read; “ETH is setting up just like it did in the 2017 cycle. If history repeats, a massive rally is imminent here!” Looking at the current price action, the chart confirms the potential outlook. Price had consolidated since mid-June to mid-July but had swept liquidity on both sides with false breakouts. Meanwhile, the volume bars were increasing as ETH pumped higher. Source: TradingView Ethereum’s continued price rise is boosting confidence that it could mirror its 2017 breakout. Analysts and institutions are closely watching the altcoin, with deeper research revealing they’re actively contributing to the rally’s momentum. Institutions scramble for the shrinking supply BlackRock has added 159,101 ETH worth $499 million, bringing its total Ethereum holdings to 2.021 million ETH, valued at approximately $7 billion. This sizable accumulation places BlackRock firmly on the radar of Ethereum’s potential rally. Source: Whale Insider/X Still, Trump’s World Liberty…
