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Ethereum On Verge of Strong Bullish Breakout, Analysts Say. Here’s Why

Avatar Nick Chong 3 weeks ago

While Bitcoin saw a stellar 2019, gaining around 90%, Ethereum suffered. The second-largest cryptocurrency, which was one of the best-performing assets in the 2017-2018 bull cycle, actually posted a negative performance in 2019, shocking investors across the board and contributing to a strong altcoin decline.

Despite this, analysts are getting on the digital asset, seemingly indicating that it will have a much better year than last.

Related Reading: Here’s Why Wall Street Veteran Thinks Bitcoin Isn’t a Viable Money, Yet

Ethereum Preparing to Break Higher, Analysts Assert

Cryptocurrency trader Polar Hunt recently noted that ETH has been trading in a descending broadening wedge pattern, an often bullish price pattern, since July of last year. With this in mind, the trader wrote:

“Current BTC price action is only here to shake you out of ETH before $238.”

Ethereum rallying to $238 from current price levels would require it to gain almost 50%.

It isn’t only Polar Hunt who is bullish on the second-largest digital asset.

Satoshi Flipper, a prominent cryptocurrency trader, recently noted that Ethereum’s weekly chart is showing relatively bullish signs after bottoming around $120.

Related Reading: This Gold Bug Says Bitcoin is Worth $0 Because His “Wallet Forgot His Password”

He specifically noted that the Heiken Ashi candles, which are a special charting technique used to more easily determine trends, have turned green on the weekly chart, suggesting a medium-term bull trend is forming.

Flipper added that Ethereum has broken out of a falling wedge structure that constrained price action for six months, boding well for bulls.

Long-Term Outlook Shaping Bullish

It isn’t only the medium-term outlook that is bullish for Ethereum.

Trader CryptoWolf recently noted that if you stack the charts if Bitcoin’s early years and Ethereum from its inception, the latter is eerily following the path of the former, with the two cryptocurrencies having both seen an absurd return on investment since their earliest days.

His chart implies that if ETH continues to follow the path trailblazed by Bitcoin, it will surge by thousands of percent from here by the end of the decade, and potentially even higher, boding well for investors.

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Nick Chong

Since 2013, Nick has shown interest in Bitcoin and cryptocurrencies. He has since become involved in the industry as a full-time content creator, working for NewsBTC, Bitcoinist, LongHash, among other outlets. Aside from covering...

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