Ethereum has had a massive run over the last two weeks. It had spiked from $2,111 on 6/12 to $2,515 on 6/25. That 19% spike has ignited new hopes that a sustainable bullish trend is just taking hold. Speculation is mounting that Ethereum will soon reclaim the all-important $3,000 level. On the fundamentals front, a short squeeze has propelled Ethereum’s price to tectonic levels in recent weeks. This bubble has led to more hype and speculation on its future worth and if it will reach a new ATH ever again.
This latest ERC20 price surge seen on Ethereum has been characterized by a crux of market fundamentals. Funding rates are pumping harder, and this is fundamentally connected to Ethereum’s bullish run. Consequently, short sellers are beginning to be put to the test.
Curiously, the majority of liquidations in the last 24 hours were long ETH positions. Those increasing costs haven’t hurt every trader equally. Many others are a bit surprised by just how volatile the market has become.
Further fueling the bullish sentiment, Ethereum recently printed a golden cross on the daily chart. The 50-day moving average has gone above the 200-day moving average. This technical formation has led to rumors and speculation that Ethereum is on the verge of an all-time high in the near future.
Technical analysts warn that Ethereum still has a trip back down to lower levels, potentially in the $1,700 – $1,950 range. Even with today’s bullish trend, the market is still on shaky ground, and every rally can be turned into a correction.
If the current trend continues, it would pave the way for a new all-time high. Market participants remain cautiously optimistic.
