• Advertise
  • Submit a Press Release
NewsBTC
Bitcoin & cryptocurrency news
Crypto.com Logo
  • Home
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Play GamesTry
  • Bet & WinTry
  • Spin & WinTry
No Result
View All Result
  • Home
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Play GamesTry
  • Bet & WinTry
  • Spin & WinTry
No Result
View All Result
NewsBTC
No Result
View All Result
ethereum price
Nexo Logo

These Fundamental Trends Could Aid a Strong Ethereum Recovery in 2020

Nick Chong by Nick Chong
2 years ago
in Ethereum
Reading Time: 2 mins read
Advertisement

Bitcoin may be down 50% from its all-time highs, but Ethereum has posted an even more harrowing performance. From the asset’s 2018 highs, set at the peak of the previous crypto-mania, ETH has fallen by over 85%, trading at $215 today after reaching $1,430.

Some have said that Ethereum’s inability to recover is a death blow for the cryptocurrency. Yet a leading analyst is convinced that the asset could triple in the coming months, citing a simple technical formation.

Related Reading: The “Golden Era” for Bitcoin Is Coming After Crucial Weekly Candle Closes Above $9,500

Ethereum Could More Than Triple In Coming Months

According to Brave New Coin analyst Josh Olsewicz, Ethereum’s one-week chart is showing signs that the cryptocurrency wants to break seriously higher in the coming months. In reference to the chart, which shows that ETH is on the verge of breaking into the key Ichikomou Cloud resistance, he wrote:

5 BTC + 300 Free Spins for new players & 15 BTC + 35.000 Free Spins every month, only at mBitcasino. Play Now!

“One-week Ethereum chart. End to end to $750 triggers within the next few months probably.”

Chart of Ethereum's macro price action from Brave New Coin analyst Josh Olszewicz.
Chart of Ethereum’s macro price action from Brave New Coin analyst Josh Olszewicz.

As to why a move to $750 — around 250% higher than the current market price — is probable, the trader noted that it would satisfy “Dow Theory” and would also mark a ~50% retracement to the 2018 highs.

Positive Fundamental Pieces Fall Into Place

It isn’t only Ethereum’s technical outlook that is strong, as analysts have observed positive trends transpire on the side of fundamentals too.

On May 13th, Coinbase shared data it garnered as the operator of one of the world’s leading crypto exchanges. The firm found that while Bitcoin is by and large the most popular cryptocurrency on the platform, it acts as a sort of “gateway drug” to altcoins.

BitStarz Player Lands $2,459,124 Record Win! Could you be next big winner?
Get 110 USDT Futures Bonus for FREE!

Coinbase remarked that out of all the accounts registered in 2019 and 2020 thus far, “with at least 5 purchases on Coinbase.com,” a mere 24% are Bitcoin purists — meaning 76% of investors buy altcoins.

Chart from Coinbase indicating the propensity of the exchange's users to buy altcoins after buying Bitcoin.
Chart from Coinbase indicating the propensity of the exchange’s users to buy altcoins after buying Bitcoin.

According to Messari’s Ryan Watkins, because so many cryptocurrency investors eventually diversify from Bitcoin, Ethereum and other altcoins stand to benefit:

“Bitcoin is by far the leading cryptoasset and perhaps the most important, but Coinbase customer data shows that new users generally begin to look for alternative assets and use cases. […] I imagine institutions will behave similarly over time.”

Adding to this, ErisX — a crypto futures exchange backed by players like TD Ameritrade, CBOE, Fidelity Investments, Nasdaq, and Virtu — recently launched the first US-centric ETH futures contract.

While not a launch on the famed CME derivatives exchange, analysts expect this Ethereum product to draw some institutional demand.

Related Reading: Crypto Tidbits: Bitcoin Halving, Reddit Using Ethereum, JP Morgan Dabbles in Crypto
Photo by Tunafish Mayonnaise on Unsplash
Tags: ethereum priceethusdIchimoku CloudJosh Olszewicztechnical analysis
Tweet123Share261ShareSend
Win up to $1,000,000 in One Spin at CryptoSlots
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.

Related Posts

Ethereum Prepares For Ropsten Testnet Merge As Token Struggles To Hold $2k Support

Ethereum Prepares For Ropsten Testnet Merge As Token Struggles To Hold $2k Support

2 days ago
Ether

Blockchain Data Indicates $10M Worth Of Ether From The Ronin Exploit In Rotation

3 days ago
This Analyst Believes Ethereum May Lose 80% Of Its Value

This Analyst Believes Ethereum May Lose 80% Of Its Value

4 days ago
ethereum

Ethereum Hashrate Breaks All-Time High, Will Price Follow?

4 days ago
Ripple

Ripple (XRP) Price Picks Up As SEC Legal Showdown Drags On

6 days ago
BIG3 Ownership NFT promotional image

Snoop & Gary Vee Got “Ownership” Of A Basketball Team With Ice Cube’s BIG3 NFTs

1 week ago

Premium Partners

Top Brokers

PrimeXBT

PrimeXBT

Review · Visit

Top Casinos

BitStarz

BitStarz

Review · Visit
7BitCasino

7BitCasino

Review · Visit
Punt Casino

Punt Casino

Review · Visit
Wildcoins Casino

Wildcoins Casino

Review · Visit
CryptoSlots

CryptoSlots

Review · Visit
mBit

mBit

Review · Visit
CryptoGames

CryptoGames

Review · Visit
Bspin

Bspin

Review · Visit

Sportsbooks

1xBit

1xBit

Review · Visit

Carbon Removal Marketplace Achieves Key Milestone

May 21, 2022

NFCore (NFCR) Is Now Available for Trading on LBank Exchange

May 20, 2022

How to Gain Great Sums with Quitriam Finance (QTM), Cosmos (ATOM), Flow (FLOW)?

May 20, 2022

3 Cryptocurrencies that could give you Greater Gains: Mushe Token (XMU), Cardano (ADA), and Polkadot (DOT)

May 20, 2022

Award-winning Crypto Game, Stonk League Introduces GameFi Player Rankings

May 20, 2022

ABOUT US

NewsBTC is a cryptocurrency news service that covers bitcoin news today, technical analysis & forecasts for bitcoin price and other altcoins. Here at NewsBTC, we are dedicated to enlightening everyone about bitcoin and other cryptocurrencies.

We cover BTC news related to bitcoin exchanges, bitcoin mining and price forecasts for various cryptocurrencies.

COMPANY

  • Advertising
  • Comments Policy
  • Privacy Center
  • Sitemap
  • About Us
  • Contact

Technical Analysis

  • Bitcoin (BTC)
  • Ethereum (ETH)
  • Ripple (XRP)
  • Chainlink (LINK)
  • Cardano (ADA)
  • Tezos (XTZ)

LINKS

Crypto Prices from Nomics

Cryptocurrency news

  • Bitcoin
  • Ethereum
  • Ripple
  • Chainlink
  • Cardano
  • EOS
  • Tezos

© 2021 NewsBTC. All Rights Reserved.

  • Home
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Play Games
  • Bet & Win
  • Spin & Win

© 2021 NewsBTC. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.