Bitcoin
BTC$48 084.51

-1.09%

Ethereum
ETH$3 421.97

-2.71%

Cardano
ADA$2.38

-0.94%

Binance Coin
BNB$411.53

-1.39%

Tether
USDT$0.998306

-0.16%

XRP
XRP$1.080662

-0.51%

Ethereum (ETH) Bound to Become a Superstar


#Ethereum

If there is an alternative cryptocurrency that deserves to be in every trader’s portfolio, except for the ones that consider themselves die-hard Bitcoin maximalists, it should definitely be Ethereum because this coin has recorded great strides since the first days of 2020.

Over the course of the previous 30 days, the second cryptocurrency gained 58%, rivaled only by Tezos (XTZ), that had put up an amazing 123%. Last week, however, wasn’t at all fruitful for the cryptocurrency market as a whole as it has been in a moderate correction across the board, with nearly every coin decreasing in value by an average of 10%.

Ethereum 2.0 will propel ETH to new heights


Nevertheless, it is a general belief within the trading space that ETH will become a star gainer in 2020, especially if Vitalik Buterin and the entire Ethereum Foundation would make substantial progress in the development of Ethereum 2.0, an upgrade that should resolve all underlying issues with the state of the network, especially the ones that concern scalability.

Once fully launched, the upgrade will have an unparalleled impact on the efficiency and sustainability of the Ethereum blockchain, thus making the coin arguably the best one, fundamentals-wise. Needless to say that the price of ETH will follow the suite. But for the time being, Ethereum has taken time out from rallying, and now appears to have entered the state where its price is moving sideways.

Price action on the charts


Despite the fact that ETH, along with the overwhelming majority of cryptocurrencies, has been mostly in the red for the past few days, the weekly ETH/USDT chart shows that the coin is still maintaining the bullish momentum. Moreover, the price has been moving upward ceaselessly for the past seven weeks on the back of the gradually increasing trading volume, which further indicates that the bulls remain in full control of this market.

1-week ETH/USDT chart

Two weeks ago, the price moved above the 200-period moving average, which has always been a sign of bullish intentions. Given the current sentiment on the market, ETH is bound to stay above that line in the foreseeable future.

In the near term, Ethereum should test the vastly important psychological resistance at $300, which has been holding firm since last summer’s minor bull market. It might happen with the next weekly candle, or the one after that, since it’s the level that most traders have been looking up to for quite some time. The price might not crack the resistance at the first try. In that case, traders should prepare for a retracement to around $250. However, the MACD hints at the underlying pressure by the bulls, as it is about to cross the zero-line to the upside, plus the MACD line is moving further away from the signal one on the back of a protruding histogram.

On the daily chart, Ethereum has also seen the formation of the golden cross pattern, which is considered a prerequisite for a strong bull market.

1-day ETH/USDT chart

But, as expected, that pattern alone didn’t send the price into a stratosphere right away. Instead, ETH began trading sideways, jumping back and forth between the weekly low at $245 and the corresponding high at $286. The MACD line has crossed the signal one from top downward, signaling about the possible price decrease in the following several days.

Author: Alex Paulson for Crypto-Rating.com


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Top Cryptocurrencies with Price Predictions

# Crypto Prediction Accuracy CVIX Price 24h 7d Market Cap Volume 24h
1 Bitcoin (BTC) BTC Bitcoin predictions 89.6% 18 $48 084.51 -1.09% 4.69% $904 956 857 058 $27 961 083 561
2 Ethereum (ETH) ETH Ethereum predictions 74% 50 $3 421.97 -2.71% 0.11% $402 372 528 292 $14 651 693 364
3 Cardano (ADA) ADA Cardano predictions 65.2% 67 $2.38 -0.94% -8.90% $76 104 680 024 $1 873 232 040
4 Binance Coin (BNB) BNB Binance Coin predictions 65.6% 70 $411.53 -1.39% -0.75% $69 192 704 719 $1 130 545 170
5 Tether (USDT) USDT Tether predictions 95.6% 1 $0.998306 -0.16% -0.24% $68 176 839 441 $56 276 623 103
6 XRP (XRP) XRP XRP predictions 67.2% 61 $1.080662 -0.51% -1.43% $50 382 872 054 $2 049 227 741
7 Solana (SOL) SOL Solana predictions 56.4% 90 $161.83 2.23% -9.89% $48 057 404 496 $4 399 561 667
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10 USD Coin (USDC) USDC USD Coin predictions 90.8% 1 $0.998160 -0.15% -0.25% $29 355 863 429 $1 913 601 923
11 Avalanche (AVAX) AVAX Avalanche predictions 67.6% 69 $72.99 1.73% 17.93% $16 079 530 755 $1 649 638 415
12 UniSwap (UNI) UNI UniSwap predictions 66.8% 64 $24.39 -1.92% 2.22% $14 920 531 930 $258 250 447
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14 Chainlink (LINK) LINK Chainlink predictions 74% 50 $28.55 -2.09% 2.09% $12 946 785 264 $933 348 492
15 Binance USD (BUSD) BUSD Binance USD predictions 94.8% 1 $0.998089 -0.17% -0.25% $12 789 067 210 $4 458 804 943

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