Crypto analyst Moustache believes Ethereum could soon start one of the biggest bull market runs
Moustache cited Ethereum’s price trajectory of 2016-2017 as an example, drawing comparisons on how Ethereum’s present price pattern is almost identical to its historical price data of 2016-2017
The recent bear phase of the crypto market has led several crypto analysts to predict a number of things. However, according to well-known crypto analyst Moustache, Ethereum may soon lead to one of the largest bull runs in crypto history.
Can Ethereum Start A Bull Market Run?
While the entire crypto market is currently undergoing a prolonged bear market phase, crypto analyst Moustache has tweeted a new silver lining for ETH proponents. The crypto analyst believes that Ethereum may soon start one of the biggest bull market runs.
Moustache noted how the present price movement of Ethereum is quite similar to the previous price trends of ETH in 2016–2017.
Moustache later drew comparisons between the price pattern of Ethereum in 2021–2022 with the historical price trajectory of ETH in 2016 and 2017 to later reveal how this could be an early indicator signalling Ethereum’s upcoming bull market run.
“Ethereum will soon start one of the biggest bull markets in the history of cryptocurrencies.” Moustache tweeted
Apart from that, other indicators are also implying ETH’s positive price activity in the coming weeks. According to the data provided by Delphi Digital, the supply of Ethereum in circulation has decreased by 4,000 ETH in just two days.
A lower supply of a cryptocurrency is usually indicative of its scarce availability to the public, which may play an elemental role in bolstering its price in the near future. The drop in ETH’s circulating supply is being considered a positive sign for the cryptocurrency, which can help Ethereum break past its current price threshold.
In addition, according to a blog post uploaded by Kaiko, Ethereum’s open interest in Binance has hit an all-time high, which is being regarded as another bullish sign for Ethereum.
“Both Bitcoin and Ethereum open interest on the largest derivative exchange, Binance, has risen to all-time highs, suggesting fresh capital is entering crypto markets despite ongoing uncertainty.” The blog added
Moreover, the number of new Ethereum addresses has reached a ten-month high of 5,044.161, according to the data published by the on-chain metrics platform Glassnode. The increase in ETH addresses simply suggests that users are still interested in exploring ETH at a gradual pace, which means that ETH could soon establish its price dominance back in the crypto market domain.