Ethereum (ETH) Price Likely to Regain $360 in Q1 2020, Crypto Analyst Says

News
Tue, 12/31/2019 - 11:40
Yuri Molchan

The second biggest currency has been mostly trading below $300 throughout 2019, however, an analyst assumes that in 2020 this state of things is likely to change

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This prediction reads as a New Year miracle on December 31, as the second biggest crypto Ethereum has been unable to post any significant price spikes this year after reaching an all-time high of around $1,300 in January 2018. The highest price mark it has reached this year was $350 on June 26.

From time to time, predictions of ETH price rising and regaining its previous highs emerge.

‘A breakout looks ready’

The crypto analyst @CryptoMichNL believes that the ETH price is showing some bullish divergences which are marking the bottom on a significant support. If ETH performs certain actions (like build a HL), then it is very much likely to break out in Q1 next year. He believes that this would be a major kick-off for the whole crypto market in 2020.

The chart shows that after HLs in the past, the ETH price started surging - and it happened in Q1 of the year all the time.

On the graph, the analyst points to the $360 mark (0.050 BTC) as a possible level that ETH could reach in 2020 for a start.

Image via Twitter

‘The year of Ethereum’

The expert trader and analyst CryptoWolf seems bullish on Ethereum next year too. Although he does not offer any ETH price predictions, he says:

Many have noticed the growing DeFi ecosystem (powered by Ethereum) this year. The Ethereum co-founder Joseph Lubin has recently stated that around $650 mln worth of ETH is already locked in DeFi.

The Defiprime website describes DeFi as follows:

“DeFi is the movement that leverages decentralized networks to transform old financial products into trustless and transparent protocols that run without intermediaries.”

The community expects this ecosystem to grow even bigger in 2020, hoping that this would pump the ETH price.

Related
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'ETH to hit $10,000 in next bull run'

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About the author

Yuri is a journalist interested in technology and technical innovations. He has been in crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future. ‘Hodls’ cryptocurrencies. Has written for several crypto media. Currently is a news writer at U.Today, can be contacted at yuri.molchan@u.today.

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