When it comes to determining the validity of any cryptocurrency bull run, there are many different methods to do so. A lot of people claim how no bull market can be established until the “big three’ are all moving up in a decisive manner. So far, it seems as if the Ethereum price is fulfilling that task alongside Bitcoin and XRP. Its gains are not as impressive as some other markets, but the overall trend appears to be in place in a somewhat convincing manner.
Ethereum Price Surge Starts Taking Shape
It is evident all of the top cryptocurrency markets need to move up in quick succession in order to ensure an uptrend is effectively materializing. While Bitcoin seems to be leading the dance without any real problems, there was some concern as to why Ethereum wasn’t moving up alongside it earlier this week. Many different factors could be at play in that regard, yet it appears things are starting to look up again. Some solid gains have been noted in the process, and things are looking promising once again.
To put this in perspective, the Ethereum price has noted an 11.3% gain in USD value to push the price to $167.72. There is also a solid gain in ETH/BTC, as the 4.92% improvement shows there is some life left in this particular market. With a current value of 0.03385514 Bitcoin, a lot of holders and traders will be pleased with the way things are going. Combined with $10.747bn in trading volume – which is absolutely insane – there may be some further momentum in the very near future.
As one would come to expect, the discussions on social media mainly pertain to cryptocurrency prices right now. An interesting trend has become apparent where Ethereum is concerned. According to Pankaj Balani, a lot of margin traders are getting liquidated on BitMEX, primarily because they were shorting ETH in the process. This is a very positive trend first and foremost, although it pales in comparison to the Bitcoin-related liquidations.
Liquidations on $ETH today & over last 7 days. Close to $ 30Mn, in the move up. Much less as compared to $ 0.5 Bn $BTC . Source – $ETHUSD BitMEX data.
To see this data real time, follow the url: https://t.co/boN9vPCHsN#cryptotrading #cryptotwitter #Crypto #ether pic.twitter.com/rseRCKMryk— Pankaj Balani (@pankaj_delta_ex) April 3, 2019
With this uptrend in place once again, it is only normal some miners are firing up their GPU farms again. Although there is a chance this uptrend is just temporary, there may be some bearish pressure moving forward. How that will affect the Ethereum mining operations in people’s homes, remains to be seen. Without a certain value to at least break even, few people will be interesting to keep unprofitable mining operations going for an extended period of time.
#Ether pic.twitter.com/mqFkIK3RW8
— cryptonews (@crypton05752571) April 3, 2019
For those who merely want a snapshot of the ETH price chart, Byzantine General has people covered. It is evident this decisive breakout is very promising, although there may be another downturn in the very near future. No markets can keep rising in value indefinitely, not even when the trading volume is spiking across all markets. As promising as any uptrend may look right now, there is a lot of genuine concern as to how things will pan out in the next few days and weeks.
https://twitter.com/ByzGeneral/status/1113219505164115968
When looking at the bigger picture, all of these market gains stand or fall with Bitcoin. As the world’s leading cryptocurrency continues to move up ever so slightly, there is no real concern as of yet. However, surpassing $5,000 and turning it into a stable support level will be a monumental challenge. Everyone wants to see a return to $19,000 pretty soon, but there is no reason to expect any miracles at this time.
Disclaimer: This is not trading or investment advice. The above article is for entertainment and education purposes only. Please do your own research before purchasing or investing into any cryptocurrency.
Image(s): Shutterstock.com