Ethereum Splits Critical Resistance - Is ETH Ready for the Bull Run?

Ethereum just broke through local resistance and it seems well positioned for further upside down. Is ETH ready for the bull run?

Buy ETH on eToro now

Should you invest in Ethereum?

Ethereum is a cryptocurrency – and this new asset class is generally considered to be risky. However, even cautious analysts admit: With Bitcoin and Ethereum, the two most successful and valuable cryptocurrencies, the risk is relatively lower than for other digital assets. In addition, experts attest to the leading smart contract platform huge upside potential: Ethereum is the foundation for the majority of applications in the field of decentralized finance (DeFi), and is one of the most important blockchain for NFTs (non-interchangeable tokens). So if you are a less reluctant investor flirting with investing in cryptocurrencies, a look at Ethereum might be worth it for that.

Notice

Investors are falling for Ethereum again

Ethereum dominates the cryptocurrencies with a big cap today: ETH has gained nearly 6% in the last 24 hours, the asset has moved from $ 1,127 to $ 1,193.

The Minority Ethereum ranks the best trending base on Coinmarketcap.com, saying: Investors are no longer looking for any other cryptocurrency. The strong daily performance already follows a great week in which Ethereum managed to weigh almost 12%.

Now many bullish indicators are becoming active, as the blockchain researchers from Glassnode said. For example, the number of addresses with more than 0.1 ETH is currently at a 3 month high jumpalso suite the number of addresses with 1 ETH or more is higher than ever.

Also, there are more and more Ethereum owners with 32 ETH or more in their wallets – here, Glassnode is reporting a 16 month high.

📈 #Ethereum $ ETH The number of Addresses with 32+ Coins just reached the 16 month high of 115,856
The previous 16-month high of 115,855 was observed on July 06, 2022
See the metric: https://t.co/rkRWao2EGq pic.twitter.com/p8L96WoAIu
– glassnode alerts (@glassnodealerts) July 7, 2022

What traders expect from Ethereum

Popular Trader “Daan Crypto Trades” (@DaanCrypto on Twitter) now expects ETH to continue the upward trend and thus further gains. Prerequisite: Ethereum manages to hold 0.055 BTC (currently $ 1,123) as support in the BTC pair. Dan Crypto:

“I’ve said it before but I’ll say it again, as long as 0.055 is support I expect more upside down.”

$ ETH / $ BTC Grind higher and back into the huge range.
I have said it before but I will say it again, while keeping 0.055 is a support that I expect higher. https://t.co/C4uSkBtjld pic.twitter.com/8TIpGvKqcZ
– Daan Crypto Trades (@DaanCrypto) July 6, 2022

Leading Dutch trader Michaël van de Poppe (@CryptoMichNL) shares a similar view. He writes to his over 614,000 Twitter followers: Ethereum is ready for $ 1,250 when the $ 1,100 area is exceeded.

#Ethereum $ 1,100 needs to be broken and then we can target $ 1,250. pic.twitter.com/qCUEUQ3ZgJ
– Michaël van de Poppe (@CryptoMichNL) July 4, 2022

Ethereum is currently trading at $ 1,174 with no sign of a bearish trend at the moment. So, could Ethereum be bought now?

Bullish do ETH: The upgrade to ETH 2.0 is progressing rapidly. For example, yesterday, Wednesday, the developers merged the Proof-of-Work blockchain with the Proof-of-Stake chain, taking Ethereum a big step forward. Trader Jonny Moe says: