{"id":416527,"date":"2020-03-01T23:00:42","date_gmt":"2020-03-01T23:00:42","guid":{"rendered":"https:\/\/wncen.com\/?p=416527"},"modified":"2020-03-01T21:26:49","modified_gmt":"2020-03-01T21:26:49","slug":"why-a-top-analyst-thinks-ethereum-bulls-will-be-on-hiatus-in-march","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/ethereum\/why-a-top-analyst-thinks-ethereum-bulls-will-be-on-hiatus-in-march\/","title":{"rendered":"Why a Top Analyst Thinks Ethereum Bulls Will Be on Hiatus in March"},"content":{"rendered":"
Ethereum, despite what you may think, did not see a positive 2019. The second-largest cryptocurrency by market capitalization registered\u00a0a slightly negative performance in 2019<\/a>, which was starkly contrasted by Bitcoin\u2019s 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 two months, Ethereum has shot higher<\/a>\u00a0against the U.S. dollar and against BTC, buoyed by the sentiment that there is an impending altseason,<\/a> coupled with positive fundamental developments for the project.<\/p>\n Unfortunately, a prominent analyst does not expect this strength to last, recently suggesting that ETH\/BTC is likely to underperform as we move into March.<\/p>\n Luke Martin, a CNN-featured cryptocurrency analyst and industry podcaster, recently explained<\/a> that he is “expecting ETH underperformance” as the crypto market moves into March.<\/p>\n As to why Martin thinks this is the case, he shared the below chart, accentuating that Ethereum’s momentum has cleared started to turn bearish after last week’s price action.<\/p>\n This trend reversal, his chart depicted, is likely to bring the ETH\/BTC pair down 10% lower in the coming weeks to 0.0218 to 0.0223, a historical zone of crucial resistance that should theoretically act as support in the coming weeks.<\/p>\n <\/p>\n It isn’t only the technical analysis outlook that suggests Ethereum bulls may be in for a tough time, it’s the fundamentals too.<\/p>\n While the blockchain’s decentralized finance (DeFi) ecosystem has seen immense growth over the past few months, with companies releasing innovative projects and attracting thousands of users, DeFi has experienced some issues.<\/p>\nRelated Reading: Crypto Tidbits: Bitcoin Plunges Under $9,000, Bitfinex and OKEx DDOS Attacks, Warren Buffett Bashes Cryptocurrency Again<\/a><\/h6>\n
Could Ethereum Start Underperforming Bitcoin?\u00a0<\/strong><\/h2>\n
DeFi Issues Could Add to ETH Risk<\/strong><\/h2>\n