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.
As the backbone of the decentralized finance (DeFi) sector, Ethereum holds the key to a treasure trove of possibilities. A surge in its price could have a ripple effect, causing waves of change to the broader cryptocurrency market. It's no surprise that investors and traders will undoubtedly keep a close eye on Ethereum's price moves in the coming weeksі.As 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.
Tomiwabold Olajide
Valeria Blokhina
Godfrey Benjamin