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How Ethereum grew: an overview of previous rallies

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How Ethereum grew: an overview of previous rallies

How Ethereum grew: an overview of previous rallies
CONTENT

  • The first Ethereum rally lasted from August 2015 to June 2016

  • The period of the second rally covered June 2016 – December 2017

  • Historic high at $ 1594 remains unconquered for now

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Since March 2020, the Ethereum rate has grown significantly, but, unlike Bitcoin, it has not yet been able to absorb its historical maximum of $ 1594, reached in December 2017.

We decided to compare the previous ETH market cycles with the current growth phase of the cryptocurrency..

How Ethereum grew: an overview of previous rallies

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First Ethereum Rally

ETH staged its first significant rally between August 2015 and June 2016. During this time, its rate rose from a minimum of $ 0.50 to a maximum of $ 21.49. The price increase for 308 days was 4200% (highlighted in green in the chart below).

Following this phase of growth, a decline began, which lasted 175 days, and its magnitude was 72% (red on the graph). However, even a new low was still marked about 1200% above the August 2015 price levels. Accordingly, relative to these values, it became an increasing minimum.

This period can be considered the first significant market cycle for ETH. At the same time, the currency formed its first historical maximum. It is noteworthy that since then the market has not tested this level again..

ETH chart. Source: TradingView

Correction and new maximum

ETH’s next big rally began after hitting the December 2016 low described above. This rally lasted a little longer, but the rate of price growth was also higher.

How Ethereum grew: an overview of previous rallies

In 399 days (green in the chart) ETH gained an impressive 26,840% and peaked at $ 1,594 in January 2018. This height marked a new all-time high, and it still remains unconquered..

Another difference between the second rally and the first was the 140-day period during which ETH consolidated before heading to the $ 1594 high. In this regard, this period can be divided into two separate rallies. One ended in June 2017 with a high of $ 405, and the next one ended in a record high of $ 1,594.

Anyway, a large-scale correction (red) followed. The ETH rate sank 95% in 336 days, settling in December 2018 at a minimum of $ 80.56.

Thus, within the framework of the second rally, we observed both a more aggressive price growth and a sharper correction.

ETH chart. Source: TradingView

Should we wait for a new maximum?

The third – current – rally began in December 2018 and continues to this day. During these 763 days, the ETH rate grew by almost 1500%. Accordingly, this rally can already be called the longest in the history of cryptocurrency. However, it is also characterized by the weakest price growth rates..

However, ETH is very close to its all-time high (at the time of writing, it was trading at around $ 1216).

If the market continues to move north at the same pace as in 2015, then ETH could peak at $ 3,200. If the growth rates are comparable to the dynamics of 2016, then the currency has every chance to soar to almost $ 23,000.

It is still too early to draw conclusions about the likely top of the current bullish move at this point. However, we believe that the growth rate will accelerate as soon as the ETH rate manages to renew its all-time high. This is exactly what happened in 2016..

How Ethereum grew: an overview of previous rallies

ETH chart. Source: TradingView

Read the latest Bitcoin forecast here.

Disclaimer: Trading cryptocurrencies carries a high level of risk and is not suitable for all investors. The opinions expressed in this forecast do not reflect the opinions of the editorial staff of BeInCrypto.

Disclaimer

All information contained on our website is published in good faith and objectivity, and for informational purposes only. The reader is solely responsible for any actions he takes based on the information received on our website..

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