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▲ Bitcoin (BTC), Ethereum (ETH) ©Go Da-sol
While the market's attention is focused on Bitcoin (BTC), Ethereum (ETH), which was halved from its all-time high, is rapidly emerging as the new protagonist of a major bull market, driven by explosive on-chain data and strong technical buy signals.
According to crypto media Watcher.Guru on April 16 (local time), Ethereum is building momentum that surpasses Bitcoin, based on three strong bullish reasons, even amidst current market uncertainties. Leon Weidmann, Head of Research at Risc, stated that daily transactions on the Ethereum mainnet exceeded 3 million for the first time ever, setting an all-time high of 3.62 million on April 12. Over the past six months, the volume of basic transactions surged from 1.5 million to 2.5 million, and with 284,000 new users in Q1 and a record supply of stablecoins, mainnet activity continues to expand steadily without slowing down.
The second bullish signal appeared in the Rainbow Chart, a technical indicator. Crypto analyst Crypto Patel diagnosed that Ethereum's current price range has entered the bottom zone, which is considered simply cheap on the chart. Historically, Ethereum has only reached this area twice, and in both cases, it surged explosively to the profit-taking zone within 18 months, leading to the interpretation that the current period is a long-term low-buy opportunity.
Thirdly, renowned analyst Ash Crypto analyzed that Ethereum's Moving Average Convergence Divergence (MACD) indicator on the weekly chart confirmed a bullish crossover. In the past, when such a bullish pattern appeared in the MACD, Ethereum's price experienced strong rallies, surging by 183% and 75% respectively. Therefore, this bullish crossover is also highly anticipated as a precursor to a massive surge.
Based on this relentless upward momentum, Fundstrat's Tom Lee maintained a firm positive outlook on Ethereum despite short-term market turbulence. He pointed out that Ethereum is extremely undervalued in the market despite playing a crucial role as the core framework supporting real-world asset tokenization and artificial intelligence infrastructure. Accordingly, he presented a short-term target price between $7,000 and $9,000, and a groundbreaking long-term forecast of a surge to an astonishing $60,000.
*Disclaimer: This article is for investment reference only, and we are not responsible for any investment losses based on it. The content should be interpreted for informational purposes only.*
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