Ethereum may rank among top performers by 2020, traders expected, stipulating that the current upsurge transforms into a full-blown run.
The world’s second largest market cap with $24.43 billion has soared 96 percent from $116 to $228 in the last 53 days.
ETH has been front-running in the last month. Before Bitcoin began moving to $10,000, ETH showed a vertical rally.
Crypto trader Satoshi Flipper said it usually suggests a positive short to medium-term pattern when the amount of a crypto-asset is on the rise in tandem with price.
“Ethereum volume, spot & derivatives, is looking really splendid.”
Technical analysts expected that ETH would outperform the other cryptocurrencies over the next period.
Apart from fundamentals, ETH broke through a multi-year resistance of $210.
Since reaching its highest of $1,400, ETH has plunged more than 90 percent until January. Despite its nearly double price increase, the cryptocurrency is still down from its highest level by around 84 percent.
A breakout of a multi-year downtrend typically invokes a significant market reaction when a cryptocurrency is oversold. Most specifically, in the final months of 2019, big altcoins such as ETH were shorted heavily.
Thus, ETH was boosted by multiple large short squeezes.
“The class of 2018 traders who only traded a bear market are going to have a tough time trading this bull market. They are simple wired to trade one way (thanks largely in part to thin paid group university curriculum they studied) and I’ve seen how stubborn some of them are.”
Data show that traders’ interest in the cryptocurrency is increasing steadily. Skew researchers said the overall open interest on ETH reached a six-month high of $600 million.
Cryptolydian earlier reported that Bitcoin has long dominated the cryptocurrency futures market but may soon have to share this advantage with another top coin.
Heath Tarbert, Chairman of U.S Commodities Futures Trading Commission (CFTC), an independent agency that regulates the U.S. derivatives markets, which include futures, swaps, and certain kinds of options, has indicated in a recent interview that the crypto space could soon be witnessing the introduction of Ethereum Futures.
Over the last 24 hours, ETH fell 2.45 percent to $222.69.