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Ethereum Could Rally 80% by May as Altcoins Lead the Ongoing Market Surge

Cole Petersen
Cole Petersen
5 years ago
2 mins read
Ethereum ETH

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Ethereum and the aggregated crypto markets have rallied over the past 24-hours, catching the massive upwards tailwind created by Bitcoin’s surge to highs of $8,800. This rally has led ETH to climb into the $150 region as it outperforms BTC and many other major altcoins.

Over a larger time frame, analysts are noting that Ethereum’s recent bullishness and its ability to establish the $120 region as a potential bottom opens the gates for significantly further gains, which could lead the crypto to surge as much as 80% by May of this year.

Ethereum Outperforms Bitcoin as Aggregated Crypto Markets Rally 

At the time of writing, Ethereum is trading up over 7% at its current price of $154, which marks a significant climb from its daily lows of $143 that were set yesterday.

Today’s movement marked an upwards break out of the consolidation phase that ETH has entered last Friday, which subsequently led it to trade sideways around $144 for multiple days.

Today’s surge has allowed ETH to also post some decent gains against Bitcoin, as it is currently trading up just under 2% against its BTC trading pair. Other major altcoins have also seen sizeable gains today, with Bitcoin Cash rallying 22% and Bitcoin SV surging a whopping 90%.

Some analysts do anticipate Ethereum and Bitcoin to see a sharp pull back in the near-term, which could provide an ideal entry opportunity for sidelined investors.

“$XBT | USD | $ETH | USD Update: Taking some profit on my ETH Long too here as the 12h E2E has concluded. 85% of my XBT Long closed too now that the daily E2E has concluded. Thinking about re-entering bigger around 8500$,” Smokey, a popular analyst on Twitter, explained in a recent tweet.

$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$ pic.twitter.com/wAlQoU39y2

— Smokey 一目均衡表 (@SmokeyHosoda) January 14, 2020

Will ETH Soon Rally Towards $280?

Mayne, another popular cryptocurrency analyst on Twitter, explained in a recent tweet that he believes ETH’s mid-term prospects are incredibly bullish, setting an upside target of $280 for the crypto by May of this year.

“$ETH preparing to blow the top off, this 3D level will not hold much longer,” he explained while pointing to the chart seen below.

$ETH preparing to blow the top off, this 3D level will not hold much longer. pic.twitter.com/8hdleDVb60

— Mayne (@Tradermayne) January 14, 2020

If Mayne’s prediction does prove to be accurate, the crypto could soon see an 80% rally from its current price levels, which would point to immense strength amongst Ethereum’s bulls.

Featured image from Shutterstock.
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Cole Petersen
Cole Petersen

Cole Petersen

Cole is a cryptocurrency analyst based in Los Angeles. He studied at the University of California Irvine and has been interested in Bitcoin and the crypto markets since 2013.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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