{"id":415442,"date":"2020-02-21T09:30:29","date_gmt":"2020-02-21T09:30:29","guid":{"rendered":"https:\/\/wncen.com\/?p=415442"},"modified":"2024-06-11T13:42:17","modified_gmt":"2024-06-11T13:42:17","slug":"ethereum-about-vertical-this-price-point-top-analyst-concludes","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/ethereum-about-vertical-this-price-point-top-analyst-concludes\/","title":{"rendered":"Ethereum Just Flipped a Crucial Level Into Support, Setting Stage for Explosive Rally"},"content":{"rendered":"

Ethereum, despite what you may think, did not see a positive 2019. The second-largest cryptocurrency by market capitalization registered a slightly negative performance in 2019<\/a>, which was starkly contrasted by Bitcoin’s yearly gain of over 90%.<\/p>\n

This meant that the market for ETH\/BTC fell off a cliff, with the price of one Ether falling as low as 0.016 BTC \u2014 the lowest the pair had been in years and around 90% below the all-time high well above 0.1 BTC.<\/p>\n

Though, over the past few weeks, Ethereum has shot higher<\/a> against the U.S. dollar and against BTC, buoyed by the sentiment that there is an impending altseason<\/a> and the simple fact the asset was oversold in 2019.<\/p>\n

Ethereum Could Soon Go Vertical<\/strong><\/h2>\n

According to a recent analysis<\/a> by prominent cryptocurrency market commentator Loma (LomahCrypto), ETH\/BTC could be on the verge of going near-vertical.<\/p>\n

The trader posted the below chart to back his point, showing that the trading pair has begun to consolidate above the key horizontal support around 0.026 Bitcoin; in fact, the pair has remained above this key inflection point for around 10 days now, boding well for the bullish narrative.<\/p>\n

This consolidation, Loma depicted, is a likely sign ETH will rally 15% against Bitcoin in a near-vertical fashion in the coming weeks, boding well for those with heavier allocations to Ethereum than Bitcoin.<\/p>\n

<\/p>\n

Ethereum’s 2.0 Could Add to Bullish Narrative<\/strong><\/h2>\n

There are fundamental reasons to believe Ethereum could outperform the tried-and-true market leader from here.<\/p>\n

Namely, the proximity of the blockchain’s 2.0 (or Serenity<\/a>) upgrade, which will fundamentally change how Ethereum works in a way that many say will be the for the better.<\/p>\n

Boring details aside, Ethereum 2.0 will see the amount of ETH issued per block be cut dramatically, meaning that the relatively-high inflation rate of the asset (compared to BTC post-halving, fiat, etc.) will be dropped dramatically.<\/p>\n

The decreased selling pressure from miners, coupled with the adoption enabled by the technical improvements included in Serenity, should help push Ethereum higher in the long run.<\/p>\n

DeFi Under Fire<\/strong><\/h2>\n

While there is the growth of DeFi and Ethereum 2.0 going for bulls, there are some concerns around on-chain finance,<\/a> potentially acting as a bearish case for the ETH\/BTC pair moving forward.<\/p>\n

For those who missed the memo, the past few days has seen controversy erupt regarding bZx, a DeFi platform that has suffered two “attacks” or “exploits”. The two attacks weren\u2019t exactly the same, but the gist of both of them are as follows:<\/p>\n