- Ethereum’s medium-term outlook is bullish – Analyst
- Ethereum will follow Bitcoin’s direction
- All crypto, including Ethereum, will have a positive year
Ethereum News Today – in the past week, leading digital currencies Bitcoin, and Ethereum among a host of others finally begun to stall. These assets (especially Ethereum) have seen their prices tank overboard, losing 10% since reaching highs from the week before. Despite this, analysts remain optimistic regarding the outlook for some assets. Claiming coins like BTC and ETH are bullish. One trader noted recently that the Ethereum price is set to go higher from the medium-term.
Ethereum (ETH) Price Today – ETH / USD
Ethereum’s Medium-Term Outlook Bullish
Prominent Bitcoin proponent and crypto trader, with the alias Flipper, recently remarked that Ethereum’s weekly chart displays relatively bullish signals after the coin’s price bottomed at $120. The analyst specifically cited that Ethereum’s Heiken Ashi candles (which is a unique charting technique that is used to easily determine trends) for Ethereum, have all turned green via the weekly chart of ETH/USD.
This outlook suggests that a medium-term bullish trend-line is beginning to form. The analyst also added that Ether has broken the falling wedge structure that was constraining its price action for the past six months, which is boding well for the bulls. Although Flipper did not give any concrete price target via his tweet, the arrows displayed on the weekly chart suggest that reaching the $200 make could become difficult for Ether.
Ethereum Will Follow Bitcoin’s Action
Ethereum’s price movement, while seemingly bullish at the moment, largely depends on the price action of Bitcoin. It is no secret in the crypto community that most altcoins trace Bitcoin. Fortunately for Ethereum investors, analysts expect the leading cryptocurrency to appreciate soon. Probably in the coming months. BTC could rally to $12,500. Although this would require a 50% rally from its current levels. While a similar move in the price movement of Ethereum could put it at $250.
In October last year, the analyst, Filb Filb showed in a BTC chart that he was expecting the price of Bitcoin to surge to $10,000, before crashing to $6,400 to reach a macro bottom. BTC did exactly that. And this gave him a great track record when it comes to analyzing the price action of digital assets.
There are also fundamentals suggesting that the cryptocurrency market, ETH included, will enjoy a largely positive 2020. In December 2019, Changpeng Zhao said he had seen an increase in institutional interest in Ethereum, which is good news for the market. He also added that Ethereum’s long-term outlook and that of the industry overall is decisively positive for 2020.