For months and months, Ethereum (ETH) has been in the trenches of a bear trend. Even in 2019, when global markets saw near-record gains and Bitcoin gained 90% in 12 months, the second-largest cryptocurrency by market capitalization posted a loss, managing to underperform effectively everything.
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And since peaking near $1,400 at the start of the bear market in 2018, the cryptocurrency has fallen by literally 90%, crumbling under the pressure of a market recentralizing in BTC.
But, according to a prominent cryptocurrency trader, the macro downtrend may soon end, if Ethereum can break this one key level that is.
Ethereum Needs to Break $200
Prominent cryptocurrency trader Dave the Wave recently noted that while Bitcoin’s strong pump has pushed Ethereum and its ilk higher today, ETH remains a far way from a macro downtrend line that has constricted upward price action for over a year now.
He noted that for ETH to break this downtrend, it will need to push around 35% higher from current levels and surmount $202, which would allow it to break past a number of key resistances, leaving it in the open air.
One the maximalists won't want to see. Will ETH beat BTC in breaking out it's macro downward trendline? pic.twitter.com/O8Xwvp1UjH
— dave the wave (@davthewave) January 14, 2020
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Technicals Suggest It’s Possible
While $200 may seem far away, it’s purportedly possible.
Cryptocurrency trader CryptoWolf recently noted that Ethereum’s price, with the latest price action, has allowed the cryptocurrency to break above a seven-months falling wedge chart structure. Due to the magnitude of the importance of this chart pattern, the turning of the wedge into support could lead to ETH pressing much higher than it is now.
ETH breaking 7-months FW structure. pic.twitter.com/Qhkm92yXGe
— CryptoWolf (@IamCryptoWolf) January 11, 2020
Not to mention, fundamental metrics suggest that growth is imminent.
A Twitter user recently shared the below chart, writing that “Ethereum’s network growth is on an upward trend.” Indeed, per their chart, network growth, defined by the number of new addresses created each day, has recently surged to levels not seen since the top of 2019’s bull run.
Ethereum's network growth is on an upward trend. pic.twitter.com/rsjGAA0Ura
— Adam Ship (@AdamSophrosyne) January 8, 2020
Although the number of new Ethereum addresses may not seem to related to ETH’s price on the surface, the user’s chart shows that there is a clear correlation between the two metrics, with address count growth seemingly preceding price action.
Due to this historical correlation, the rapid growth seen in this metric could imply that the second-largest cryptocurrency has extreme upside potential ahead of itself, upside that may take it back towards $200 and $300.
Featured Image from Shutterstock The post appeared first on NewsBTC. origin »
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Special thanks to Justin Drake and Jinglan Wang for feedback
In 2014, I made a post and a presentation with a list of hard problems in math, computer science and economics that I thought were important for the cryptocurrency space (as I then called it) to be able to reach maturity.
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Регулируемые фьючерсы на Ethereum появятся в течение шести месяцев или года, считает председатель Комиссии по срочной биржевой торговле США (CFTC) Хит Тарберт. Chairman Tarbert says he expects an ethereum futures contract to be created within 6 months to a year — nic carter (@nic__carter) October 21, 2019 На саммите DC Fintech Week глава ведомства вновь […]
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Recommended pre-reading: https://ethresear. ch/t/minimal-anti-collusion-infrastructure/5413
Alice slowly walks down the old, dusty stairs of the building into the basement. She thinks wistfully of the old days, when quadratic-voting in the World Collective Market was a much simpler process of linking her public key to a twitter account and opening up metamask to start firing off votes.
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