CRYPTO NEWS

Although Ethereum has embarked on an impressive 170% rally since March’s lows, the cryptocurrency remains more than 80% below its all-time high of $1,430. With such a strong retracement from its all-time highs, there have been some skeptics questioning if ETH will ever hit a new all-time high. Fundamentals signs, though, are showing that ETH is poised to embark on its next long-term bull run. Related Reading: Textbook Wyckoff Analysis Shows Bitcoin Is About to See a Brutal Drop to $7,000s There Are Three Key Ethereum Bull Trends Consensus Labs’ Jimmy Ragosa recently identified three fundamental “waves” that may mark an end to ETH bears: Layer 2 Scaling Solutions: There has recently been an influx of Layer 2 scaling solutions that migrates transaction capabilities to a second secure layer, thus increasing transaction speeds and decreasing costs, all while increasing transaction throughput. Analysts say this will boost demand for ETH as the cryptocurrency becomes easier to use. The Implementation of ETH 2.0: Shortly, the first phase of the Ethereum 2.0 upgrade will go live. It will introduce Proof of Stake into ETH tokeneconomics, driving inflation of the cryptocurrency lower over time, analysis has suggested. The introduction of staking is expected to result in an influx in demand from long-term holders who want to stake the cryptocurrency in exchange for interest on their deposit. Ethereum Improvement Protocol 1559: An Ethereum Improvement Protocol, 1559, has recently garnered much steam in the cryptocurrency community. If implemented it would burn ETH for every transaction sent, resulting in a potential deflation in the circulating supply of Ethereum. This could skew the supply-demand dynamic in favor of price appreciation. I can think of at least 5 additional waves.Can you guess what they are? pic.twitter.com/QiDaR28SZm — Jimmy Ragosa (@JimmyRagosa) June 3, 2020 Technicals Also Bullish The technicals are also bullish. Dan Tapiero — the CEO of DTAP Capital, a prominent gold bull, and the head of an upcoming cryptocurrency fund — recently noted that ETH is poised to head higher: “Chart of ETH on verge of explosive upmove. Are there any upcoming potential catalysts? Move up through 300 projects to 500 minimum in coming 6-12 months. Any strong views out there?” Chart of Ethereum on verge of explosive upmove. Are there any upcoming potential catalysts? Move up through 300 projects to 500 minimum in coming 6-12 months. Any strong views out there? pic.twitter.com/xLV9wt5CVD — Dan Tapiero (@DTAPCAP) June 4, 2020 Ethereum surging to $500 would mark a 66 percent rally from $300 and a doubling of current prices. Raoul Pal, the chief executive of Real Vision and a former executive of Goldman Sachs, explained that ETH is poised to break out against Bitcoin: “It even looks like Ether will outperform Bitcoin at some point (no position yet). Please remember: No tribal attacks about bitcoin vs ethereum. They are two different things and two different ecosystems.” ETH/BTC chart from prominent Wall Street investor and analyst Raoul Pal (@RaoulGMI on Twitter). Related Reading: Crypto Tidbits: $200M of Bitcoin Liquidated, Ethereum DeFi Adoption Limited, Bloomberg Is Bullish Featured Image from Shutterstock Price tags: ethusd, ethbtc There Are Three Fundamental "Waves" That Could End Ethereum Bears in the Long Run

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