Ethereum has been on an impressive rally lately, but its price still faces a strong test against Bitcoin. Will ETH be able to maintain its momentum?
It is important to remember that Ethereum’s price rally has been very impressive, with an increase of more than 44% since the low on Dec. 9, 2019. However, ETH is about to face a tough test against BTC in terms of its ability to remain above $145.
The Ethereum blockchain network continues to be one of the most popular platforms for developing decentralized applications (dapps) and smart contracts; however, this popularity has also led some users to speculate whether or not it will be able to continue its growth into 2020 or beyond. While it seems unlikely that ETH will drop below $145 anytime soon, there are still many factors that could impact both prices as well as adoption rates within this market segment over time.
Ethereum Overtakes Bitcoin
In addition to these concerns surrounding Ether’s future performance – including questions about whether or not it will remain relevant against other competing cryptocurrencies – there are also questions about whether or not Bitcoin might see even greater gains after surging 15% within 24 hours last week.”
Ethereum (ETH) is slightly behind Bitcoin (BTC) in terms of its rally this week, but it’s still faring well against BTC over the long term.
In terms of price, ETH ticked up from $139.79 on Jan. 5, 2020, to $145.95 on Jan. 8, 2020, but fell slightly after the weekend to $144.62 at the time of publishing. In contrast, Bitcoin unexpectedly surged by 15% in less than 24 hours and has reached $7,800 in price as of press time on Jan. 13, 2020 — which is a notable development for BTC because this coincided with the halving in block reward for miners and removes one of the main bearish catalysts for Bitcoin this month.
Data from Coin360 shows that Ethereum ticked up from $139.79 on Jan. 5, 2020 and increased moderately throughout January before falling again during February 1–5th — even though there was no significant news event that would affect its price while it was falling during those days; however we did see Ethereum’s price fall below both its 50-day moving average ($138) as well as 100-day moving average ($140). The 50-day MA continued trending lower until April 1st — where it hit an all-time low of around 130 USD before recovering slightly since then.
The market seems poised to rebound from its recent slump, which could lead ETH to break above $145 this week. In terms of what happens next, we’re looking at a possible retest of the $200 level before continuing higher toward our target price of $225. We will keep an eye on Ethereum prices and update our forecast accordingly as time passes!
