Bitcoin closed 2019 with a 90% increase, but ETH was the opposite when registering a negative performance with a 4% decrease. This may be due to the fact that ICO projects that have raised funds with ETH have continuously sold out, to maintain their projects.
However, analysts have rapidly changed the way ETH is viewed in the early 2020s, citing the confluence of positive technical factors suggesting an imminent extreme reversal.
Can ETH price reach $ 777.77 by the end of 2020?
Trader Smack recently commented that the Ethereum chart is starting to form a bull run for the whole 2020, proposing a price target of $ 777.77 by the end of 2020 – marking an increase of nearly 322% from the level. present.
The reason he set this goal is because the current RCI3lines look exactly the same as before Ethereum's over 1,000% rally from under $ 100 to $ 1,400 in 2017, and ETH seems to be available. ready to enter the two-week Ichimoku cloud zone, to reach a high of $ 777 before falling down.
– Smack (@SmackTrades) March 6, 2020
“My goal on $ ETH is $ 777.77 EOY 2020.”
ETH price may soon surpass $ 300
Sawcruhteez analyst recently noted that ETH is showing signs of bottoming in recent times and is preparing to reverse to a new high from here: recent prices have bounced back from the uptrend line. extends for the past two months, and surpasses both the 50 and 200-day EMA.
– Tyler D. Coates (@Sawcruhteez) March 5, 2020
This, in turn, will bring ETH's price to rise by 50% to its highest level in 2019 of $ 360 in the coming months.
Not entirely unfounded
Sawcruhteez's optimism about Ethereum is not unwarranted, as some are also suggesting that ETH is preparing to move higher, or at least soon to bottom out.
Su Zhu, CEO of foreign exchange and cryptocurrency hedge fund Three Arbow Capital, recently noted that Coinbase's stablecoin trading pair DAI and USDC could be an indication that Ethereum (and may be part of The rest of the market, including Bitcoin) has bottomed out:
“Currently DAI / USDC is at its highest level of the year, a phenomenon that shows fear of risk, and now is the best time to buy on ETH / DAI and ETH / USD pairs, he explained.”
He went on to explain his reasons:
"Whenever there is a large liquidation on the ETH / DAI pair, DAI trades on the latch, the demand for DAI. It will result in SF cutting down the MKR and showing the newly added long levers.
You can see the price of ETH here.
Disclaimer: This is not investment advice. Investors should research carefully before making a decision. We are not responsible for your investment decisions.
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