{"id":142735,"date":"2020-12-28T14:31:38","date_gmt":"2020-12-28T11:31:38","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/ethereum-surges-past-730-what-comes-next-after-the-massive-rally\/"},"modified":"2020-12-28T14:31:38","modified_gmt":"2020-12-28T11:31:38","slug":"ethereum-surges-past-730-what-comes-next-after-the-massive-rally","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/ethereum-surges-past-730-what-comes-next-after-the-massive-rally\/","title":{"rendered":"# Ethereum surges past $730: What comes next after the massive rally?"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_85 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a3dfe3d9bac0\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a3dfe3d9bac0\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/ethereum-surges-past-730-what-comes-next-after-the-massive-rally\/#Ethereum_continues_to_see_the_%E2%80%9Chigher_high%E2%80%9D_pattern\" >Ethereum continues to see the \u201chigher high\u201d pattern<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/buradabiliyorum.com\/en\/ethereum-surges-past-730-what-comes-next-after-the-massive-rally\/#What_happens_next\" >What happens next?<\/a><\/li><\/ul><\/nav><\/div>\n<p>&#8220;<strong># Ethereum surges past $730: What comes next after the massive rally?  <\/strong>&#8221;<\/p>\n<div class=\"post-content\" data-v-5a136f3a>The price of Ether (ETH) has surged past $730 for the first time since May 2018. Following ETH\u2019s breakout, traders are becoming more optimistic in its short-term trajectory.<\/p>\n<p>There are two major factors behind ETH\u2019s strong rally: a strong technical market structure and the CME Ethereum futures listing in January 2021.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Ethereum_continues_to_see_the_%E2%80%9Chigher_high%E2%80%9D_pattern\"><\/span>Ethereum continues to see the \u201chigher high\u201d pattern<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>In technical analysis, the higher high pattern often indicates strong momentum because it shows every new peak is higher than the previous top.<\/p>\n<p>Ether has continuously rallied over the past week, sustaining the higher high formation. Cryptocurrency trader Scott Melker\u00a0<a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/scottmelker\/status\/1343220207939158020\">said<\/a>:<\/p>\n<blockquote><p>\u201cEndless <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/watch-movies-tv-seriess\/\" data-internallinksmanager029f6b8e52c=\"8\" title=\"Watch Movies &amp; TV Series\" target=\"_blank\" rel=\"noopener\">series<\/a> of higher highs and higher lows, with the most recent low confirmed by a fresh higher high. I deem this pattern the \u2018Stairway To Heaven.\u2019\u201d<\/p><\/blockquote>\n<p>On Dec. 28, Michael van de Poppe, a full-time trader at the Amsterdam Stock Exchange, similarly said that $1,200 to $1,300 is likely for ETH if it stays above $470. He <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/CryptoMichNL\/status\/1343243999084163073\">wrote<\/a>:<\/p>\n<blockquote><p>\u201cIn <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/general\/\" data-internallinksmanager029f6b8e52c=\"3\" title=\"General\" target=\"_blank\" rel=\"noopener\">general<\/a>, #Ethereum still has a very bullish outlook as it&#8217;s been making higher highs and higher lows consistently. This didn&#8217;t change. As long as $470 holds, the next run will bring the markets towards $1,200-1,300 or a new ATH in Q1 2021.\u201d<\/p><\/blockquote>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2020-12\/a648d408-474b-4298-a851-1e7f4a8e03cb.jpg\" alt=\"\" title=\"\"><figcaption style=\"text-align: center;\"><em>ETH price chart with key levels. Source: Michael van de Poppe, TradingView.com<\/em><\/figcaption><\/figure>\n<p>Ever since Bitcoin broke past its previous all-time high at around $20,000, ETH has stagnated against Bitcoin. Hence, for Ether to see a renewed rally, a breakout against Bitcoin is critical.<\/p>\n<p>On the daily chart, ETH has started to demonstrate some gains against Bitcoin, which could fuel newfound demand for Ether.<\/p>\n<p>Analysts at Santiment said that ETH miner balances are at a two-year low and the supply on exchanges is also declining. <\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2020-12\/ca6c5c7f-3feb-48d4-8809-c4bdef408beb.jpg\" alt=\"\" title=\"\"><figcaption style=\"text-align: center;\"><em>Ethereum supply and miner balances. Source: Santiment<\/em><\/figcaption><\/figure>\n<p>The combination of the two data points indicates that the selling pressure on ETH is dropping. They <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/santimentfeed\/status\/1343456415705427968\">explained<\/a>:<\/p>\n<blockquote><p>\u201cOn what is normally the slowest trading day of the week, #Ethereum cracked $700 on a great #altcoin Sunday for the first time since May 19, 2018. $ETH miners balances are at a 2-year low &amp; supply on exchanges at a 1.5-year low. Both great validators.\u201d<\/p><\/blockquote>\n<h2><span class=\"ez-toc-section\" id=\"What_happens_next\"><\/span>What happens next?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Meanwhile, \u00a0futures on the Chicago Mercantile Exchange (CME) are scheduled to launch in 43 days. According to data from Bybt.com, the CME is already the largest futures exchange for Bitcoin in terms of open interest.<\/p>\n<p>The term open interest refers to the total amount of capital that is being actively traded on the exchange. As of Dec. 28, the CME Bitcoin futures exchange\u2019s open interest hovers above $1.67 billion.<\/p>\n<p>Some analysts expect the institutional demand for Bitcoin to eventually spill over into Ethereum in 2021. <\/p>\n<p>If this h<a href=\"https:\/\/buradabiliyorum.com\/en\/category\/download-scripts-themes-apps\/\" data-internallinksmanager029f6b8e52c=\"9\" title=\"Download Scripts &amp; Themes &amp; Apps\" target=\"_blank\" rel=\"noopener\">app<\/a>ens, the CME Ethereum futures exchange would likely see a substantial growth in daily volume and open interest. Ryan Watkins, a researcher at Messari, <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/RyanWatkins_\/status\/1343216612623712259\">said<\/a>:<\/p>\n<blockquote><p>\u201c2021 prediction: In 2021 we begin seeing institutions buy $ETH Once you accept that Bitcoin may be valuable, it opens your mind to the possibility that other cryptoassets may also be valuable. It\u2019s a much easier jump from $BTC to $ETH from there.\u201d<\/p><\/blockquote>\n<p><template data-name=\"subscription_form\" data-type=\"markets_outlook\"><\/template><\/div>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong>\n<\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">News<\/a> articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/general\/\" target=\"_blank\" rel=\"noopener\">General category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/cointelegraph.com\/news\/ethereum-surges-past-730-what-comes-next-after-the-massive-rally\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8220;# Ethereum surges past $730: What comes next after the massive rally? &#8221; The price of Ether (ETH) has surged past $730 for the first time since May 2018. Following ETH\u2019s breakout, traders are becoming more optimistic in its short-term trajectory. There are two major factors behind ETH\u2019s strong rally: a strong technical market structure&#8230;<\/p>\n","protected":false},"author":1,"featured_media":142736,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/s3.cointelegraph.com\/uploads\/2020-12\/e648321a-b968-4ef9-9507-6c4c1ed07ee8.jpg","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[74867,82402,74891,73785],"class_list":["post-142735","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-altcoin","tag-ether-price","tag-ethereum","tag-markets"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/142735","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=142735"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/142735\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/142736"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=142735"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=142735"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=142735"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}