The Main Factors Behind Ethereum’s 66% Weekly Growth

Ethereum is in the latest crypto news as one of the top performing altcoins that surged by 66% in only one week, going from $83 to $138. Throughout the past week, Ethereum has seen a record high number of shorts on many cryptocurrency trading platforms such as BitMEX and Bitfinex.

On top of this, Ethereum surged amidst a strong corrective rally that was triggered by oversold conditions where short contracts were squeezed out triggering the price of the asset to recover. Even though ETH has increased by 66% in one week, it is still down 91% from it’s all time high of $1,448.

In any traditional market, a 20% drop from an all-time high is considered a bear market. However, according to analysts, Ethereum is not only vulnerable to large drops but also a better asset to short because of its high volatility and recent rally.

As one analyst named Hsaka suggested:

“Quite a substantial difference between the ETH and BTC structure. If you were betting on correlation remaining the same, and both reverting to structural equilibrium, $ETH seems to be the better play for shorts, and BTC for longs.
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The popular trader known as “The Crypto Dog” also explained the current situation for Bitcoin which seems to be linked with Ethereum’s movement. As he said:

“$4,000 – $4,500 is major resistance and we could stall out soon. It’s also possible this could go higher, but I do not think it goes much higher than $5,400, certainly not higher than $6,300.”

Right now, Joseph Lubin who is the co-founder of Ethereum seems confident about a potential rally, calling out a bottom. As he said:

“I am calling the crypto bottom of 2018. This bottom is marked by an epic amount of fear, uncertainty, and doubt from our friends in the 4th and crypto-5th estates.”