A massive surge in Ethereum's (ETH) price could be imminent, according to crypto analyst Mohit Sorout, co-founder of Bitazu Capital.
Sorout made the claim in a recent tweet, highlighting that the volatility of the cryptocurrency has reached extreme lows, which could pave the way for a surge in price.
For Ethereum's volatility to mean-revert to higher levels, Sorout suggests that the price will have to go up.
Ethereum's market cap is a towering $207 billion, according to data provided by coin ranking site CoinMarketCap. Its price performance, however, has been meandering in the past seven days, with fluctuations between the $1,500 and $1,700 price levels.
Nevertheless, Sorout's uber-bullish prediction could suggest that a major price surge is on the horizon.
Vladislav SopovAs reported by U.Today, Sorout also recently noted that a rare and massive buy signal, the "mother of all" bullish signals, has flashed for Bitcoin, the flagship cryptocurrency, based on the DCA indicator. The DCA indicator has only flashed three times in the history of the cryptocurrency, each time leading to massive rallies.
Sorout mentioned that this is only the fourth time in history that the DCA indicator is suggesting a raging bull market for Bitcoin.
However, it is still unclear how far this rally will go, as the bellwether cryptocurrency still has a long way to go before reclaiming its previous all-time high of $69,000.
Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.
Dan Burgin
Vladislav Sopov