Ethereum’s recent rally from its low level formed last year December at $ 120 to a high of $ 230 recent price level, found support at the stated low and remains at the time of this report.
Galaxy made his predictions based on the intelligence of the MACD (Moving Average Convergence Divergence) indicator, just as the name implies records momentum which is used to predict an asset’s latest trend.
Indicator Signals Build-Up of Ethereum Bulls
Galaxy, in a recent tweet, noted that the Moving Average Convergence Divergence (MACD) for Ethereum’s monthly chart in January which blinked green recently has printed another green signal for February signaling a reversal in trend from bearish to bullish.
Galaxy noted that the last time this happened, the 2nd top crypto asset had a run that pushed it from $ 300 to a high level of $1,440, which is a 400% increase within a six month range.
Although there are no absolutes in this kind of Scenario, Galaxy, however, gives a possible price range in a previous analysis stating that Ethereum may surge by 284% to hit $ 850 price by July or August.
He believes that with Ethereum’s recent advance in its DeFi ecosystem and also the move to alter the Blockchain to 2.0, it may reach the aforementioned price even before the predetermined date.
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