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The number three cryptocurrency Ethereum has shown a sudden flash rise in price from $113 to $137, up with more than 14%, with a total trading volume just above $3.1 billion in the past 24-hour.
Over the last few hours, the entire crypto market has welcomed green price indicators all over the charts, with Ethereum showing impressive gains of more than 14%.
After the recent Christmas rally from December 24, a correction saw Ethereum settle around $125 after slipping below $130 again yesterday.
Ethereum has had quite a rough 2018, but it seems not all investors have lost faith in the coin. Many crypto experts believe that as blockchain becomes more widely adopted, the price and reputation of Ethereum will increase accordingly.
According to Tom Lee, head of research at Fundstrat Global Advisors, Ethereum is about to rally strong, pointing at its recent sharp losses, and stating that the digital currency is well-positioned for a recovery, and Joseph Raczynski, the founder of JoeTechnologist.com and a key blockchain influencer with a Twitter following of 153K, expects the value of Ethereum to hit $1,200 by Q4 2019.
Even though, Ethereum has still ways to go to hit these predictions, it is clear that the bullish sentiment among many crypto investors for Ethereum is still alive and kicking.
Read more: 9 Ethereum price predictions for 2019 by crypto experts
For now, Ethereum will have to follow along the wider market. In the short term, however, a position above $130 is crucial if the coin is to rally again soon.