Ethereum Rally to a Two-Year High Above $700
The Ethereum price, on Dec 28, rallied to above $700 for the first time since 2018. Based on technical analysis, analysts not only expect ETH/USD price to race above $1k but can easily double to $7k and later $5k in 2020. Specifically, Ivan on Tech says $1k is inevitable. Another analyst says the expansion of ETH prices could lead to an alt-season.
Helping shape Ethereum prices in 2020 has been the exponential rise of DeFi and confidence in the network's prospects. At spot rates, more traders expect the coin to narrow the gap versus BTC--two assets that are positively correlated. Triggers for next year's rally include the rise and refinement of DeFi, possible institutional investment in ETH or some of its dApps, and the transition to a better network addressing scalability troubles. At the time of writing, the ETH price is up 15 percent in the last week of trading and could stretch the USD in days ahead.
Impact on the ETH Price:
Bullish. The Ethereum price is bullish, stretching gains versus the greenback, and could add to their gains in 2021 racing past $1k at the back of several supportive fundamentals.
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