Last week the crypto-currency market topped over $2 trillion for the first time in history.
It was driven by the Ethereum rally that breached over $2,000 per Ether.
If you don't know by now, Ethereum is the second largest digital coin on the market with a market cap of over $240 billion alone.
While Bitcoin is still the leading crypto-currency with over $1.1 trillion market value, it has its limitations.
For one it still runs on old technology i.e. mining and processing power.
Whereas the Ethereum blockchain is more like a software platform, which is run through smart-contracts and with a lot less processing power.
And for this and many other reasons, we're seeing China, billionaires and major companies investing in this revolutionary crypto.
In this article I'll highlight four reasons why I expect an inevitable rally for Ethereum and how we can profit from the rise.
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Reason #1: When the Chinese invest in Ethereum you buy!
One of the major drivers causing Ethereum to rally, is major Chinese companies buying Ether.
Meitu (Chinese app maker) recently bought $22.1 million worth of Ether last month alone. This makes it one of the first major companies in the world to invest in Ethereum.
Talking about major companies…
VISA is also putting their hand in the Ether pie
The next major company, which needs no introduction is VISA Inc.
Last week, they said their payments network will use USDCoin to help settle and facilitate transactions using Ethereum’s blockchain.
This is helping keep investors hungry for Ether.
Here's what Konstantin Anissimov, executive director at cryptocurrency exchange CEX.IO. said:
"The latest backing from Visa Inc. appears to be giving the bulls a new reason to persist in their stride,”
We then have well-known billionaire Mark Cuban (entrepreneur, media proprietor and investor) who said owning Ethereum is the closest "to a true currency".
But nothing shouts 'rally' more than the charts.
This W Formation is showing a 26% rally for Ethereum
In the daily chart, we can see Ethereum has been on a strong uptrend since December.
From a low of $500 it rallied up to over $1,900.
Then over the last two months it's been in a sideways formation with the buyers and sellers fighting over whether it will continue its rally or correct.
During that time, it formed one of my break-out patterns known as a W Formation.
This pattern resembles the letter W.
And last week, we finally saw the sellers succumb to the buyers as it broke above the high at $1,900…
If we use the High-Low calculation we can work out where Ethereum is heading next.
Price target = (High - Low) + High
= ($1,900 - $1,398) + $1,398
This means, we can now expect a 26% rally which we can profit from in the next few weeks.
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Here's how I’ll profit from the next Ethereum rally
First I can simply buy Ethereum CFDs (with a broker like Rand Swiss or an exchange like Luno) and hold it until it hits the high price at $2,402…
Analyst, Red Hot Storm Trader