Jake Brukhman, the founder of Coinfund.io, has described the present outlook of ETH as an appealing one. This, he made in Tweet on February 3, 2020.
While describing the trend of the second-largest cryptocurrency, Brukhman said first, Ethereum bounced back on the daily chart with a two-year price pattern with an attempt to break through the $ 200 resistance level. However, traders are looking for Ethereum as they watch moving averages crossing up.
Ethereum price is trading with a positive bias above the levels of $ 180 and $ 185 against the US dollar. ETH will likely continue to rise towards $ 200 or $ 220 in the short term. The price has recently risen and revisited the resistance area from $190 to $195.
There was a breakout above a major contraction triangle with resistance near $ 182 on the hourly chart of ETH / USD as shown on the Coinbase chart.
Although most eyes are on Bitcoin, some analysts have started looking at ETH recently, which many say is a turning point for the rest of the altcoin market.
Secondly, Brukhman said there is a positive accumulation in the price structure of Ethereum.
Altcoins, on the other hand, saw a very strong weekend, with Ethereum rising to $ 190 and XRP exceeding $ 0.25, hitting multi-month highs like flat BTC lines and trying to determine direction. On the upside, there is an initial hurdle in front of Ethereum near the $ 195 level. A successful closing above the $ 195 resistance may set breakout speeds above the $ 200 barrier.
In the mentioned case, there are ample opportunities for a steady upward move towards $ 220 in the upcoming sessions. There is moderate resistance near the $ 212 level.
The third point Brukhman laid emphasis on is that a recent $ 2 billion investment in Ethereum technology has strengthened the cryptocurrency, and this would lead to a turning point for the ETH.
Finally, Brukhman said Ethereum is seen as attractive than Bitcoin. The founder of the blockchain network lifecycle investing platform explained that ETH is outperforming on a BTC basis.
The second-largest crypto-asset by market valuation rose by 51.75 percent year on year as of 0100 UTC, Monday. By comparison, the performance of the leading cryptocurrency bitcoin was lower than expected as it rose 34.81 percent, according to data provided by Coinbase data.
The gains in the Ethereum market came under the influence of Bitcoin’s overall cryptocurrency decline. The beginning of 2020 saw an escalating geopolitical struggle between the United States and Iran. This prompted risk-averse investors to search for havens that in turn benefited from bitcoin.
The Bitcoin forecast for 2020 is higher due to its halving event.
In May 2020, the daily price of the cryptocurrency will be lowered from 1,800 BTC to 900 BTC per day. Experts believe the event will make Bitcoin rarer and more expensive.
Meanwhile, Ethereum DeFi has been the main bullish indicator.