Ethereum has made a surprise return, jumping almost 50% in the last 6 days. He dropped below $ 1,800 just a few days ago and now pressure to the $ 2,700 mark. Retail investors who were once doubtful are now looking for the right time to intervene. So what is the next step for Ethereum?
Santiment recently shared exciting ideas on the return of Ethereum. In 2017, it was a question of going beyond Ethereum Bitcoin as the best crypto, thanks to its intelligent contracts and its ecosystem adapted to developers. Although this has never happened, the debate on Ethereum’s potential to outdo the advantage of the first Bitcoin engine is still alive.
Social feeling also turned quickly. Just before this pump, the bears were in control, with many growth potentials of Ethereum doubting while other altcoins took the spotlight. But as Ether recovers on the right track, the skeptics have been silenced, the targets now providing $ 3,500 or even more.
Transaction costs drop
Another factor to monitor is transaction costs. They fell at around $ 0.84 per transfer, much lower than the $ 7 range six months ago. But if the costs are starting to go back to $ 2 or more, the rally could be at risk.
Lookonchain’s data show that Abraxas Capital recently bought 33,482 ETH worth around $ 84.7 million on May 13. The company has accumulated more than 211,000,000 ETH, worth around 477 million dollars in the last 6 days, playing a big role in the recent price wave.
Ethereum rally has erased more than $ 240 million in Paris in the past 24 hours, with total liquidations reaching $ 387 million. The techniques are mainly green, with key mobile averages such as EMAs of 50, 100 and 200 days. The MacD also alludes to a more upward potential. However, the RSI is currently at 79, pointing to potential withdrawals.
If the Bulls remain in action, ETH could test the resistance of $ 2,750 soon, pushing around $ 3,000. However, if the Bears take control, ETH could return to the $ 2,100 beach.
Overall, the return of Ethereum is a reminder of the swarming of the wild feeling in crypto. The medal can still have room to run, but with its 30 -day yields already at + 32.5%, it is worth keeping an eye on potential withdrawals. As always, a little patience can go very far.
