Ethereum may be primed for a bull run; could follow Bitcoin’s cue and surge by 1100%

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The Golden Cross theory seems to have sent every crypto-enthusiast into a tizzy. Ethereum also exhibited the Golden Cross, which usually indicates a change in price trends. In light of the prevailing the bear market, the cryptoverse on Twitter speculates that this could be the start of a bull run.

Ethereum’s daily chart shows a recurring pattern which is underway. This pattern resembles the move which happened back in 2016-2017.

Source: TradingView

The chart shows a 1-2-3-4-5 pattern formed between 2016-2017, which led to the bull run and caused the price to peak in 2017. A similar pattern was evolving at press time, which could indicate a bull run in the immediate future. Additionally, the volume seems to be miming the previous pattern.

Although Ethereum is the second largest cryptocurrency in the world by market cap, it still hasn’t sufficiently decoupled from Bitcoin. Altcoins being coupled to Bitcoin is a disadvantage because they will follow Bitcoin’s lead in both pump and dump movements, regardless of the development happening in their respective ecosystems.

Fundstrat’s Tom Lee tweeted about the correlation with Bitcoin, stating that the decoupling hasn’t happened and altcoins would follow the same pattern as they did during the last bull rally. He tweeted,

He further added,

“past alt-seasons averaged 1,100% gains. Will the next alt-season be as strong as the past? Given there are probably only ~50mm active wallets (vs 5 billion Visa/MasterCard accts), we think crypto still early in the adoption curve. So it should be similar”

Assuming the pattern holds true and the bull run comes to pass, altcoins, including ETH, may undergo a similar wave led by Bitcoin.

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Akash is your usual Mechie with an unusual interest in cryptos and day trading, ergo, a full-time journalist at AMBCrypto. Holds XRP due to peer pressure but otherwise found day trading with what little capital that he owns.

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