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THE WORLD OF CRYPTOCURRENCY AT YOUR FINGERTIPS

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CryptoPlanet

THE WORLD OF CRYPTOCURRENCY AT YOUR FINGERTIPS

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Current Cryptocurrency Prices

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Is Ethereum On The Brink of a Breakout?

March 13th we saw Ethereum drop slightly below $86. Since then the crypto asset has been able to rally all the way back back to ~$150. Which is slightly over a 70% gain.

It appears that one very important metric is signaling a very bullish sign for the digital asset, as the ETH balance on cryptocurrency exchanges is currently at levels that we have not witnessed since December of 2016. This metric has an inverse correlation with future price trends.

This may indicate that Ethereum is on the verge of a massive breakout rally. History doesn’t always repeat, but it does rhyme and this rally could be significant.

 

Based off of the information from the chart above there appears to be an inverse correlation between the amount of Ethereum on exchanges and the Ethereum price.

In December of 2016. Ethereum was valued at approximately $7.50, from which point it began a parabolic rally that took it all the way to the highs of $375 in June of 2017. This marked a massive ~4,600% rally.

The market was much smaller in the past, making it more difficult to see such a huge rally once again but these crypto markets can be very unpredictable. The balance of $ETH on exchanges certainly indicates that an enormous rally could be right around the corner.

This amount of ETH on exchanges could also have a very positive effect on most altcoin-Ethereum pairs. If traders are not selling their Ethereum during an Ethereum rally they will certainly want to grow their holdings in other ways, that can be done by trading altcoins with their Ethereum.

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