Parabolic Bull Run Could Be On The Verge For Ethereum

A parabolic bull run could be upcoming for Ethereum since, after the Black Thursday, the ETH price remained about 90 percent below its all-time-high which was established in 2018 at $1,400 as per the reports here in the Ethereum price news.

The simple market cycle fractal shows that Ethereum could be on a verge of another massive parabolic bull run rally. One trader even shared some images suggesting that Ethereum’s price action could be coming soon which is similar to the price of Bitcoin before the rally formed from $500 to $20,000. These implications refer to Ethereum following the Bitcoin market cycle so that it reaches a multiyear rally ahead of itself.

This is the second time a scenario like this was presented since 2020 started. Another trader also commented that Ethereum could be one of the best investments this year pointing to the fact that there are a lot of similarities between the ETH charts now and the Bitcoin ones before the parabolic rally to $20,000 to triple digits. The traders are starting to prepare for this opportunity as well. According to the previous reports, the data from major exchanges such as Bitfinex shows that there were so many traders that wanted Ethereum to do better and now 1.8 percent of the total supply of the asset is ‘’marging long on Bitfinex.’’

There is other evidence that can support the upcoming parabolic rally for Ethereum. Reddit, the biggest online forum with millions of users is now using Ethereum’s help to built the new project called Community Points. ‘’MagoCrypto’’ discovered the news after posting a video showing that the Reddit wallet was integrated with an Ethereum address along with explanations of a digital coin point system. Reddit is among the most popular social media and now it is experimenting with the Community Points based on the Ethereum blockchain in a form of ERC-20 tokens.  The details about the project are still quite hard to come by and the members of the cryptocurrency community were happy to see a notable price increase in Ethereum. Ryan Sean Adams who is a crypto investor at Mythos Capital wrote:

 “Reddit [is] rolling out a community tokens system on…Ethereum. Could this 100x DeFi users? Wouldn’t take much.”