Ethereum’s price, along with that of several other cryptocurrencies, saw an increase to start the week. The leading alternative cryptocurrency has broken beyond the $1,300 threshold for the first time in a considerable amount of time.
At the time of this writing, one token is worth $1,325, which represents an increase of 1.9% over the course of the previous twenty-four hours and 3.8% over the course of the previous week. Many people believe that this will be the beginning of an extended bull run.
Analyst Thinks Ether Will Lead Bull Run This Year
Jiang Zhouer, a miner from China and the CEO/co-founder of Bitcoin (BTC) mining service B.TOP, predicts that the long-term consolidation of ETH, which began in June 2022 and has continued since then, will soon come to an end.
He went on to say that this narrowing of the range will come to an end between the months of March and May in 2023, after which the price of Ethereum will finally exit this region and begin a bull run.
He said that Ether would be the primary driver of the subsequent wave of bull market activity and that it would get a head start on Bitcoin’s price appreciation. The miner expects that the price of ETH will start to increase between two and four months later (that is, between March and May 2023), at which point it will definitely break away from the present Bottom range.
In his word:
“Looking at the data of Ethereum, the inflation rate was 3.59% when ETH was in Proof-of-Work (POW). Bitcoin’s inflation rate is 1.72%.”
Moreover, since macro signs are becoming favorable for risk markets in the medium term, Ethereum options traders have become more optimistic about the possibility of a price rise in the first three months of 2023.
According to the data shown by Glassnode, the bulk of the open interest in Ethereum contracts that will expire on March 31 is bullish, and the majority of the strike targets will fall somewhere within the area of $3,500 to $4,000.
Only time will tell whether the recent surge in the price of Ether is going to be sustainable or if this is yet another incidence of a bull trap.
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