Cryptocurrency experts are typically bullish about Ethereum (ETH) in 2020, with signals indicating a possible rise from a two-year slump.
Since the start of 2020, Ethereum has out-performed big brother BitCoin. Sure, it’s a small sample size, but the signs are looking rather positive for the world’s second-largest cryptocurrency asset. ETH has surged 33% over the three-week period to US$170 while BTC is up just over 20% in the same time.
From here, the next resistance point is the psychological US$200 barrier.
Ethereum was commonly used to fund ICOs during the boom crypto days of 2017, but following a global regulatory crackdown, ETH was sold off and the result was a two-year bear market that saw the price of ETH collapse some 87% from its all-time high.
Ethereum is now being used for decentralized borrowing as the costs are minimal and the returns are greater than any brick and mortar banks. As this demand increases, and piggy-backing on the anticipated bull run of BitCoin, Ethereum may finally recover in 2020.
Some analysts are even more bullish with some posturing that ETH could climb as high as $850 as it is on the cusp of breaking through a multi-year trendline.