After Ethereum experienced a flat in 2019, many crypto analysts expect a higher rally in 2020, especially that Altcoins are leading the ongoing market surge.
Last year, Ethereum starkly underperformed Bitcoin. Despite the strong fundamentals bolstered by a great amount of Ethereum locked up in the DeFi initiatives, it ended 2019 with lackluster performance.
However, at this stage, ETH has rallied over the past 24 hours, which means for massive upwards tailwind resulted from the surge of BTC to highs of $8,800. The said rally made Ethereum to soar up to $150 region by outperforming Bitcoin as well as other foremost altcoins.
According to market analysts, the recent bullishness of ETH, along with its quality in establishing a $120 region being the possible bottom in opening further gain, can lead it to surge up to 80% by May 2020.
Though Ethereum got a slight decline over USD and underperformed BTC, in just a short-term period, it incurred slight upward momentum. So, during the first of January, ETH claimed a position within the lower $130 region. The ETH’s short-term uptrend, by the bull’s action of defending it from plunging to a $120 region.
Crypto YouTuber Nickolas Merten and also known as DataDash, spoke about the boosting DeFi trend via Twitter. He explained that the strong fundamentals of ETH could be an excellent buying opportunity.
The tweet reads, “Seeing ETH at $130 almost makes my heart race a bit. It shows me unaware the general market is around DeFi. High-interest lending pools, functioning decentralized exchanges, functioning smart contracts + oracles… Fundamentals improving + cheaper price = opportunity!”
Meanwhile, Sentiment Founder Maksim Balashevich explained through his recent post on the Our Network that ETH has been displaying growth in the network activity.
“As of mid-December, we have seen a steep rise in Ethereum network growth, with the highest frequency of new addresses added to the network since June 2019,” he explained.
He further explained that “In 2019, retail holders (address with 0.001 – 10 ETH) have increased their cumulative balance by 195K ETH, a 6.63% increase since January 1st.”
If a healthy market price will follow fundamentals, then ETH can be in for a great bullish in 2020.
Today’s surge of ETH allowed posting decent gains over Bitcoin, which is trading up under 2% over its Bitcoin trading pair. Then, other major altcoins were seen with large gains today, with BSV surging 90% while BCH is rallying at 22%.
Moreover, crypto analysts expect that both ETH and BTC will have a sharp pull back.
Popular crypto analyst Smokey tweeted, “$XBT | USD | $ETH | USD Update: Taking some profit on my ETH Long too here as the 12h E2E has concluded. 85% of my XBT Long closed too now that the daily E2E has concluded. Thinking about re-entering bigger around 8500$.“
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