Ethereum Set to Gain Strong Momentum

Ethereum Set to Gain Strong Momentum

Although Bitcoin showed bullish performance in 2019, rising nearly 90%, Ethereum suffered. ETH shocked investors after showing negative performance and contributing to a further decline in the altcoin market last year.

However, crypto enthusiasts expect the second-largest cryptocurrency to perform well this year compared to the last.

Polar Hunt, a crypto fan, said ETH has been trading in a bullish chart pattern; namely the descending broadening wedge, since July 2019. “Current BTC price action is only here to shake you out of ETH before $238.”

This means that the cryptocurrency needs to gain almost 50% in order to rally from the current level to $238.

It seems that Polar is not the only optimist about ETH’s movement as Satoshi Flipper, another cryptocurrency trader, said the weekly chart has showed relatively positive signs after falling to around $120.

“Ethereum has broken out of a falling wedge structure that constrained price action for six months, boding well for bulls,” Flipper said.

There are other traders who painted rosy outlook for the cryptocurrency on the long run. CryptoWolf recently noted that if you follow up on Bitcoin and Ethereum over the past years, you will note that ETH is following BTC’s performance.

He indicated that if ETH continues to follow BTC, it will rise thousands of percent over the next 10 years.

It was earlier reported that the Ethereum supply would grow by nearly 25%, given a similar reduction in block times following two hard fork updates.

The Ehtereum mainnet has undergone the Muir Glacier hard fork update only days ago, which came three weeks after it completed Istanbul update.

ConsenSys Co-founder Andrew Keys earlier said Ethereum 2.0 (Serenity) will be rolled out late this year.

He said:

“2020 will see Ethereum move stridently beyond Phase 0 of Ethereum 2.0, onto Phase 1 and the launch of shard chains.”

However, ETH developers have not fixed a date for launching the phase 0 as many believe that it would be issued during the summer of this year.

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Rabea Maguid 551 Articles
Rabea Maguid is a journalist completely obsessed with crypto industry. He holds B.A. from Al-Azhar University, and has a background in journalism and economics. Rabea Maguid likes to think about the future in a positive way, and sees blockchain as a potential driver of deep societal change.