Ethereum’s intense uptrend seen throughout 2020 reached a boiling point in early-February, with ETH’s break above $200 allowing it to incur parabolic momentum that led it to highs of $290.
Although the crypto has retraced from these highs, its mid-term market structure still remains firmly bullish, and many analysts are now noting that this will likely allow the crypto to soon rally to fresh year-to-date highs.
This potential bullishness may also be driven by the fundamental growth seen by ETH over the past couple of months, with its strong network activity making it a convincing value investment for long-term investors.
At the time of writing, Ethereum is trading down just over five percent at its current price of $264, which marks a significant decline from daily highs around $285 that were set at the peak of its recent rally.
It does appear that ETH is moving in close tandem with Bitcoin, which means that where it goes next could be highly dependent on whether or not BTC is able to recover from the intense selloff it experienced this afternoon and reclaim its position within the five-figure price region.
One bullish factor that could allow Ethereum to see some independent momentum is the fact that it has incredible fundamental strength, with on-chain transactions and net network growth both climbing at a rapid rate.
“Ethereum price keeps rising. On Feb18 – The number of addresses with a balance in ETH reached its ATH with 48.54m addresses – With the price increase,