Why This Investor Believes Ethereum Is In A Macro Bull Market That’s About To Take It Beyond $400
The Ethereum network seems to have finally come of age, judging from the various DeFi protocols currently flocking into it. Perhaps the hype surrounding the development of ETH 2.0 has made the network a lot more attractive.
Also, the fact that Ethereum has been around for years and boasts the envied second position on the charts adds to the charm. The ETH market is currently vibrant, with bullish sentiments flying all over the crypto space.
One popular crypto fan and investor going by the twitter handle @TheCryptoDog shot out a tweet to his bullish stance on ETH. In his opinion, ETH is about to moon all the way past the $400 mark.
“It’s Standard Practice”
Going on, the crypto trader, who also happens to be in love with DeFi, argued that the current dip in crypto prices is indeed the preeminent dip for ETH, and that kind of pullback is “standard practice in a crypto macro bull market.” His argument seemed to back up his notion that Ethereum’s massive breakout is imminent.
The trader went on to note that many people don’t quite remember the events of 2017, further prompting him to claim that not everyone thinks we’re in a macro bull market.” It’s to be remembered that 2017 was the year the crypto market went all boom, with Bitcoin topping $20k and ETH hitting over $1,400. With these facts at hand, the crypto bull intends to long ETH instead of getting bothered by the short-term market downturns. And judging from the reactions from his aficionados, a lot of people seem to agree with him.
What Fuels The Future Of ETH?
The Ethereum network is getting popular as the platform of choice for various new DeFi protocols. DeFi has taken the crypto space by storm, with tokens like Yearn Finance (YFI) achieving historical gains. Fueled by the DeFi craze, YFI has reached upwards of $30k in price per token. The fact that these protocols run on the Ethereum network fueled by ETH makes ETH a serious gainer in the process.