All the spotlights in the last few weeks have been pointing to Bitcoin and its Bull Run. Ethereum has been a little bit out of the attention of the mainstream media throughout that time. Although we can be expecting a great positive run upon the price of ETH, especially if a major correction does not happen soon.
ETH 2019 Record
Ethereum reached its highest price of the year by hitting the $288 mark. This is a record that ETH did not reach for more than 9 months. Last time we saw Ethereum over the $300 price level was in August of 2018.
We could find the daily volume now being higher than it was at the peak of January 2018. But there is actually a reason for this since the market is different nowadays. Now we have traders and investors stockpiling Ethereum when in January 2018 we had a big number of companies conducting ICOs instead.
Re-balance of the markets needs to be done, and that’s the reason why we saw Bitcoin going up to $9000 and falling back again. Although some analysts say that if this correction does not reach Ethereum the price will easily go over the $400.
Bulls beware, it might almost be time to be a bear 🐻 I will not short this, but I will take partial profits on a portion of spot ETH longs that I picked up sub $200. If this doesn’t play out, we are headed straight to $350 and then $400. pic.twitter.com/Et1yCvBcpn
— Credible Crypto (@CredibleCrypto) May 30, 2019
According to this chart and the words of “Credible Crypto”, probably we could see Ethereum price going down a bit more and staying closer to the $200 margin. But, at the same time he also refers to “If this doesn’t play out, we are headed straight to $350 and then $400.” Meaning that if the correction does not hit Ethereum as it did to Bitcoin, instead of the downfall until the $200 we might see ETH price start going up again until the $400 price point.
Which, curiously, happened in June of 2017.
Altcoin To Dominate The Market
The market dominance of Bitcoin is falling towards the fifty-five Percent level, at the moment it’s at 55,9%. It is still a strong dominance, but some speculators say that if we see this percentage go below 50 the “Altseason” will begin.
We could start to assume that this will happen this month, Bitcoin going below the 50% dominance, which means that June and July will be exactly the moment when the Altcoin prices will go up considerably.
Including, obviously, the value of Ethereum, so we can most likely see it, actually rising above the $400 in the near future.