After Ethereumexperienced 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 starklyunderperformed Bitcoin. Despite the strong fundamentals bolstered by a greatamount of Ethereum locked up in the DeFi initiatives, it ended 2019 withlackluster performance.
However, at this stage,ETH has rallied over the past 24 hours, which means for massive upwardstailwind resulted from the surge of BTC to highs of $8,800. The said rally madeEthereum to soar up to $150 region by outperforming Bitcoin as well as otherforemost altcoins.
According to marketanalysts, the recent bullishness of ETH, along with its quality in establishinga $120 region being the possible bottom in opening further gain, can lead it tosurge up to 80% by May 2020.
Though Ethereum got aslight decline over USD and underperformed BTC, in just a short-term period, itincurred slight upward momentum. So, during the first of January, ETH claimed aposition within the lower $130 region. The ETH’s short-term uptrend, by thebull’s action of defending it from plunging to a $120 region.
Crypto YouTuber NickolasMerten and also known as DataDash, spoke about the boosting DeFi trend viaTwitter. He explained that the strong fundamentals of ETH could be an excellentbuying opportunity.
The tweet reads, “Seeing ETH at $130 almost makes my heart race a bit. It shows me unaware the general market is around DeFi. High-interest lending pools, functioning decentralized exchanges, functioning smart contracts + oracles... Fundamentals improving + cheaper price = opportunity!”
Meanwhile, SentimentFounder Maksim Balashevich explained through his recent post on the Our Networkthat ETH has been displaying growth in the network activity.
“As of mid-December, wehave seen a steep rise in Ethereum network growth, with the highest frequencyof new addresses added to the network since June 2019,” he explained.
He further explained that “In 2019, retail holders (address with 0.001 - 10 ETH) have increased their cumulative balance by 195K ETH, a 6.63% increase since January 1st.”
If a healthy market price will follow fundamentals, then ETH can be in for a great bullish in 2020.
Today’s surge of ETH allowed posting decent gains over Bitcoin, which is trading up under 2% over its Bitcoin trading pair. Then, other major altcoins were seen with large gains today, with BSV surging 90% while BCH is rallying at 22%.
Moreover, cryptoanalysts expect that both ETH and BTC will have a sharp pull back.
Popular crypto analyst Smokey tweeted, “$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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