The number two cryptocurrency by market cap, Ethereum, has been rallying alongside the rest of the crypto and altcoin market and has recently even outperformed Bitcoin by a significant margin.
Surging Ethereum prices have also coincided with growing volume, which is an extremely bullish sign that the asset is in good health and the crypto market may be ready to rally even higher in the coming days.Ethereum Volume Surging Alongside Price is Bullish Signal
Ethereum is up nearly 75% since the start of 2020 and has grown over 92% from the low of $116 it set in December 2019 before the year came to an end.
Related Reading | Alt Season Cancelled? XRP, Ethereum, and Litecoin All Trigger Sell Signal
According to new data from crypto market analytics, Ethereum volumes are back and growing, reaching as much as over $600 million in yesterday’s trading session on Bitcoin-based margin trading platform BitMEX.
Can the Crypto Asset Reclaim Its All-Time High?
During the crypto bubble of 2017, Ethereum prices ballooned to as high as $1,400 per ETH, but following the bubble popping, prices fell over 94% to lows of around $80.
In just over a month, Ethereum has nearly doubled in price, reaching $220 and preparing to rip higher if the resistance level above can be taken out.
The growth in volume supports further expansion, which could propel Etheruem to as much as $300. Above $300 would let Ethereum rise toward a retest of the 2019 high, and a break could take it to $400. Beyond $400, former support turned resistance lies at $560, $800, and $1,050. Etheruem taking out all of the higher levels would likely lead to a new all-time high.Related Reading | 10 Factors Confirm a New Crypto Bull Market Has Officially Begun
Many crypto analysts had claimed that the altcoin market would never reclaim highs set back during the crypto bubble, but given the strength brewing in Etheruem markets, the cryptocurrency could end up proving them wrong.Numerous bullish factors suggest a new bull market is close, but a breakout fo current local resistance levels are the main major hurdle between here and new all-time highs.
Featured image from Shutterstock