Two weeks ago, major cryptocurrency assets like Bitcoin (BTC), Ethereum (ETH), Ripple (XRP), and others finally started to stall.
As you probably know, BTC is only about 53% below the all-time high (ATH) close to the $20,000 level. But ETH has not performed well.
Regardless of the recent crypto markets rally, the second-largest cryptocurrency by market cap remains down by 80% of its ATH close to the $1,400 level.
However, many crypto analysts believe that some cryptos could retain their bullish momentum. In fact, Ethereum is expected to surge higher in the medium-term.
Brave New Coin data provider and crypto analyst Josh Olszewicz provided a technical analysis factors confluence as to why ETH’s price will soon surge by 200%.
Based on the given technical analysis, ETH is currently displaying an interesting start on the end-to-end Ichimoku Cloud move, which is from $200 to $750. The said move is similar to that Bitcoin had back from 2015 to 2017.
Besides, ETH is in the middle of Adam & Eve’s bottom formation based on the weekly chart. Once the bottom completely formed, the price of the crypto can hit $444 or even $555. That possible price surge is supported by the 1.618 Fin retracement confluence.
Other than Josh Olszewicz, crypto trader CryptoWolf also noted that ETH could soon go back to the levels it was since early 2018. He believes that the crypto-asset finally exited the bear market as it overcomes the above key levels, falling wedge, as well as the bearish price region.
In addition, CryptoWolf also shared that if ETH successfully managed to overcome the $175 and $190 levels, then it can hit a long-term surge to $800, which is 300% higher than its current price.
Although the price action of ETH seems to bullish at the moment, it remains to be dependent on that of BTC. It’s a normal event in the crypto space that altcoins follow the market leader Bitcoin.
On the other side, analysts consider the technicals to be favourable for the bulls. Bitcoin is having its five-wave rise formation from $6000s level, which is a clear sign that it’s breaking the key downtrend.
Considering the rally of BTC from the bottom at $3,150 in 2918, which is also five waves, it is expected that the bullish run will continue until 2020.
In the case that the target is $12,500, then Bitcoin is required to rally towards 50% from its current level. As for the Ethereum, that move can place the altcoin close to the $250 level.
Apart from the above predictions, fundamentals suggesting that crypto markets, including ETH, will experience a massive development in 2020 is available. According to crypto enthusiast Changpeng Zhao, there’s a growing institutional interest in ETH. He also noted that a long-term trajectory for the entire crypto industry is interestingly positive.
Steven is an explorer by heart – both in the physical and the digital realm. A traveler, Steven continues to visit new places throughout the year in the physical world, while in the digital realm has been instrumental in a number of Kickstarter projects. Technology attracts Steven and through his business acumen has gained financial profits as well as fame in his business niche. Send a tip to: 0x200294f120Cd883DE8f565a5D0C9a1EE4FB1b4E9
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