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Ethereum Price Analysis: ETH is ten times more profitable than Bitcoin in 2020

  • Ethereum has gained over 50% of its value since the beginning of the year.
  • ETH/USD bulls set their eyes at critical resistance $200.00.
Ethereum Price Analysis: ETH is ten times more profitable than Bitcoin in 2020
Tanya AbrosimovaTanya AbrosimovaIndependent Analyst

Since the start of the year, Ethereum investors earned nearly ten times more than Bitcoin hodlers. The second-largest digital asset has gained over 55% in 2020, while Bitcoin is only 6% higher from the first of January 2020. ETH/USD has grown by 4% since the start of the day and become the best-performing crypto asset out of top-10. 

At the time of writing, ETH/USD is changing hands at $196.00. It is moving within a short-term bullish trend amid high volatility. 

Whales stir the market

According to the Wale Alert Twitter bot, large cryptocurrency investors known as whales moved over 1.2 million ETH coins in eight transactions worth $241,774,447 in the recent 20 hours. The fee for each transaction did not exceed $1, and all of them were made from unknown wallets to other unknown wallets.

Such whale activity may be a precursor of large market movements.

ETH/USD: Technical picture

ETH/USD settled above daily SMA100 (currently at $186.00) and continued gaining ground. Now that psychological $190.00 turned from a resistance to support level, ETH has a chance to retest $200.00 in the nearest sessions. If this critical barrier is broken, the buying pressure will increase with the next upside target as high as SMA200 at $248.00 and $250.00.

On the downside,  a sustainable below daily SMA100 will negate the immediate bullish scenario and bring $180.00 back into focus.   The critical support is created by the upside trend line from March 13 low (now at $175.00). The long-term recovery remains valid as long as the price stays above this trendline.

ETH/USD daily chart

Author

Tanya Abrosimova

Tanya Abrosimova

Independent Analyst

 

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