Amid Ethereum daily transaction surpassing one million, an analyst says traders should brace themselves for a possible 52-day bull market for Ether (ETH).
Ethereum recorded more than a million transactions Friday, closing in on the peak of 1.3 million volume transactions set in January 2018.
The said recent daily volume transaction shows a significant improvement from the 450,000 transactions at the beginning of the year. Last month, however, Ethereum had already shown potential of clearing the one-million marker as there was a total of 956,751 transactions on June 1.
The daily transactions of Ethereum also neared one million on June 8 and 20, with over 992,000 and 985,000 transactions, respectively.
Meanwhile, analysts recognize the increasing volume transactions for Ethereum as a positive indication for an Ether (ETH) price growth starting in July.
In fact, cryptocurrency analysts Mitoshi Kaku said on Twitter that a ETH may enter a 52-day bull run in the first week of July.
“A little explanationto those that want to understand the analysis in a better way. These are the levels I am looking for, and the signals are there already. The next time that Chikou line goes above and retest the cloud it will be bull time. Plan accordingly. maybe 7/5-7/7.”
A little explanation to those that want to understand the analysis in a better way. These are the levels I am looking for, and the signals are there already. The next time that Chikou line goes above and retest the cloud it will be bull time. Plan accordingly. Maybe 7/5-7/7 $ETH pic.twitter.com/IXzTWwbTwc
— Mitoshi Kaku ??? (@CryptoSays) June 30, 2019
A potential 52-day bull run may be happening as other fundamental conditions show signs of improvements. according to a report.
The ETH/USD currently trades at $295.44, with a 7.6-percent drop since the last 24 hours. This trading price, however, is above the lowest price point of $231 in June and $161 in May.