- Ethereum rides along with BTC-ignited rally
- ETH outperforms Bitcoin (BTC)
- Ethereum’s strong fundamentals could pioneer the next massive rally
Ethereum News Today – As the price of Bitcoin (BTC) continues to surge, the majority of altcoins in the market are riding along with it. One altcoin that has greatly benefited from the recent BTC-ignited rally is Ethereum. Ethereum (ETH) has been on a continuous upward trend over the past few days. The continuous rise has also helped the digital currency to outperform BTC and put a huge amount of distance between its recent lows of $120 and its current price.
The considerable increase in the price of the digital currency has got many analysts and investors talking. Some analysts are now pointing out that there an array of factors that could ultimately send the price of Ethereum up by more than 100 percent in the short-term.
Ethereum (ETH) Price Today – ETH / USD
Ethereum Is More Likely to Surge by 100 Percent in the Short-Term
At press time, the second-largest digital currency in the world by market cap is trading at $143 after an increase of more than three percent over the past twenty-four hours. This marks a considerable upsurge from its recent low of $126 that was set a few days ago.
Ethereum (ETH) has been outperforming BTC recently, and ETH is trading up two percent against its BTC trading pair. The ongoing recovery of the digital currency largely stems from the current price action of Bitcoin (BTC), which many analysts and investors consider bullish. Looking at the price action of the digital currency over the past thirty days, it is obvious that both bears and bulls are presently in a stalemate, as it is presently trading slightly below the level it was in early December.
Via a tweet, a popular digital currency analyst – CryptoBirb – said that he believes Ethereum could be on the brink of a major rally, which could be ignited by a breakout of a descending wedge. The crypto analyst bullish explained:
“$ETH/USD nice wedge on weekly. IF breaks out and successfully retests breakout then wedge target is the 275-300$ zone,”
— Crypto₿irb (@crypto_birb) January 5, 2020
The Strong Fundamentals of Ethereum Could Pioneer the Next Rally
Ethereum has been developing considerable fundamental strength over the past couple of months, basically because of the ever-so-popular DeFi trend. A member of the ConsenSys – John Lilic – recently said that the huge amount of Ethereum tokens lock-in DeFi is growing continually, which means that the circulating supply is decreasing continually. In a tweet, he said:
“The past 3 months $eth locked in #defi grew from 2.25m to 3mm +33%. If the trend continues it’ll be ~3.99m by end of Q1. The past 3 months $eth price dropped from $176 to $139 -22%. If the trend continues it’ll be $106 by the end of Q1. Shorting means believing both trends will continue,”