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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

Why An Analyst Says Ethereum Has At Least 1 Month of Bullish Fuel

Nick Chong
Nick Chong
4 years ago
2 mins read
bitcoin price

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Against Bitcoin, Ethereum has been embroiled in a brutal bear market for the past two years.

There was a point when one ETH was worth in excess of 0.1 BTC, but those days have long passed. Now, Ethereum trades for under 0.03 BTC — a far cry from its all-time highs. But multiple analysts say that the asset is on track to see a strong recovery against Bitcoin in the months ahead.

Related Reading: Asked About Bitcoin, Elon Musk Just Joked He “Only Sells Dogecoin”

Ethereum Has At Least a Month Of Bullish Price Action Ahead of Itself

As Bitcoin has flatlined, Ethereum has actually been inching higher due to an influx of ETH usage spurred by growth in decentralized finance. These slight gains have allowed the cryptocurrency to print positive technical signs against the market leader.

One trader noted that the recent price action has enabled Ethereum to break past a crucial downtrend against Bitcoin. This simple technical occurrence primes the asset for at least a month of upside, the trader explained further.

“Wonderful 2W close for $ETH / $BTC. After such long consolidation, this break out should lead to 2 or more strong 2W candles for the bulls. 50 RSI as support for the first time in 2 years,” he added, referencing how the pair’s relative strength index reading is favoring appreciation.

Image

Chart of ETH/BTC with RSI and multiple indicators attached by Polar Hunt (@Polar_hunt on Twitter), a crypto trader. Chart from TradingView.com

This optimism about ETH’s prospects, especially in regards to the asset’s trading pair against Bitcoin, has been echoed by a swath of other traders.

Long-time commodities analyst Peter Brandt shared the chart below earlier this month. It suggests that against Bitcoin, ETH can gain 20% in the weeks ahead because of a “significant breakout.”

ethereum

ETH/BTC analysis by Peter Brandt

There’s also macro analyst Raoul Pal, a former head of hedge fund sales at Goldman Sachs. He said that there’s a fair likelihood ETH is “going to be the [initial] outperformer” in the upcoming cryptocurrency bull cycle.

Strong Fundamentals Could Boost ETH Further

Further backing the bullish on Ethereum narrative, the asset’s fundamentals seemingly are stronger than ever.

Coinbase’s Max Bronstein, who works as part of the firm’s institutional and ventures team, recently shared that two of the blockchain’s metrics have surged. They are as follows:

  • Ethereum’s daily transaction count is starting to pass one million once again. This was last seen at the 2018 highs.
  • The number of users leveraging Ethereum-based DeFi contracts has gone “exponential.” This growth is largely being driven by Uniswap, Synthetix, and 1inch.

Crypto is having a major reflation moment — soon to be on par with, and likely exceed, the 2017 boom.

Notable metrics include:
• Ethereum tx count
• Bitcoin holders with =>1 BTC
• DeFi users going exponential, standouts include: @UniswapProtocol @synthetix_io @1inchExchange pic.twitter.com/t7BYv8HZGF

— Max Bronstein (@max_bronstein) July 18, 2020

Related Reading: Crypto Tidbits: Twitter’s “BTC Scam,” Elon Musk & Dogecoin, Institutions Want BTC & ETH
Featured Image from Shutterstock
Price tags: ethusd, ethbtc
Charts from TradingView.com
Why An Analyst Says Ethereum Has At Least 1 Month of Bullish Fuel
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Nick Chong
Nick Chong

Nick Chong

I am a writer who has been following Bitcoin for years now. My insights and interviews have been featured in leading publications in the industry such as LongHash and Decrypt. I own a small amount of Bitcoin.

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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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

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