April has been a good month for the cryptomarket. On April 1, the market opened at the $269 billion level of total market capitalization. The month closed at $428 billion total market capitalization, which boosted most of cryptocurrencies to decent gains.
Ethereum, among other cryptocurrencies, recorded a healthy upward price trend. Ethereum opened the month of April at the $403 level (ETH/USD pairing) and 0.05747 BTC level (ETH/BTC pairing). On April 30, ETH closed at the $689 level and 0.07416 BTC level. As of press time, ETH is trading at the $680 level and 0.07433 level.
Looking at the charts, there seems to be an Ethereum bull run coming very soon. In this analysis, the chart for the ETH/BTC trading pair will be used, since this is the more reliable way of analyzing price trends for altcoins.
Currently, Ethereum is trading above the 50-day Exponential Moving Average (EMA), 100-day EMA, and 200-day EMA. This signifies that Ethereum is gaining momentum, and is poised for another bull run. On March 2017, ETH traded above the 50, 100, and 200-day EMAs, and a massive 4-month bull run followed thereafter.
The same thing happened on January 2018. After almost 5 months of decline, ETH broke through the 50, 100, and 200 EMAs, which was then followed by a massive bull run until February 2018.
As can be seen now, ETH just broke through the crucial Exponential Moving Averages, which could mean that start of another bull run. It is important to note, though, that a bull run will only happen if we see more buying sentiments in the market. If ETH prices will be able to hold the current level as buyers begin to take control, we may see yet another massive bull run.
We will see confirmation of this in the coming weeks.
Author: Author : Mil
Mil is based out of Philippines and has been writing for cryptonewsbytes.com since 2017. He enjoys doing market analysis on crypto and follows the trends very closely. He is a marketing genius and gets tremendous amount of energy to the team. He enjoys reading books in his spare time and big time into basketball.
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