Ethereum forecast: These fundamental trends could contribute to a strong recovery for ETH in 2020
Bitcoin likes 50% below its all-time highs, but Ethereum has performed even more terrifying. Of the highs in the year 2018, which were at the height of the previous crypto mania, ETH fell by over 85 and is trading today at $ 215 after making $ 1. 430 has reached. Some have said that Ethereum's inability to recover is a death blow to the cryptocurrency. However, a leading analyst is convinced that the value could triple in the coming months as he leads a simple technical formation.
Ethereum could more than triple in the coming months
According to Brave New Coin analyst Josh Olsewicz, Ethereum's one-week chart shows signs that the cryptocurrency is serious about breaking higher in the coming months. Regarding the diagram that shows that ETH is on the verge of breaking through the central Ichikomou cloud resistance, he wrote:
1W $ ETH
e2e -> 750 triggers within the next few months probably pic.twitter.com/qA5BsO2HIG
– Josh Olszewicz (@CarpeNoctom) May 18, 2020
As to why a move to $ 750 – about 250% higher than the current market price – is likely , the dealer noticed that this complies with the “Dow Theory” and also a ~ 50% reduction to the maximum levels of 2018 would mark.
Positive fundamentals are moving in the right direction
Ethereum's technical prospects are not the only good, as analysts have observed that there are also positive trends on the fundamental side. At the 13. May shared data with Coinbase, which it had collected as the operator of one of the world's leading crypto exchanges. The company found that while Bitcoin is broadly the most popular cryptocurrency on the platform, it does act as a sort of “entry-level drug” for altcoins.
Coinbase noted that of all so far in the years 2019 and 2020 registered accounts “with at least 5 purchases on Coinbase.com” only 24% are sole Bitcoin holders – which means that 76% of investors Altcoins to buy. According to Ryan Watkins of Messari’s Ryan Watkins, Ethereum could benefit from:
“Bitcoin is by far the leading cryptoasset and perhaps the most important, but Coinbase's customer data shows that new users are generally starting to look for alternative investments and use cases . […] I can imagine that institutions will behave similarly over time. ”
In addition, ErisX – a crypto futures exchange supported by players such as TD Ameritrade, CBOE, Fidelity Investments, Nasdaq and Virtu – recently launched the first U.S.-centric ETH futures contract. Although it's not an launch on the famous CME derivatives exchange, analysts expect this Ethereum product to attract some institutional demand.
Proof of text: newsbtc
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