Despite this, analysts are getting on the digital asset, seemingly indicating that it will have a much better year than last.
Related Reading: Here’s Why Wall Street Veteran Thinks Bitcoin Isn’t a Viable Money, Yet
Ethereum Preparing to Break Higher, Analysts Assert
Cryptocurrency trader Polar Hunt recently noted that ETH has been trading in a descending broadening wedge pattern, an often bullish price pattern, since July of last year. With this in mind, the trader wrote:
“Current BTC price action is only here to shake you out of ETH before $238.”
Current BTC price action is only here to shake you out of ETH before $238 pic.twitter.com/2zIRSGhlT6
— Polar Hunt (@polar_hunt) January 25, 2020
Ethereum rallying to $238 from current price levels would require it to gain almost 50%.
It isn’t only Polar Hunt who is bullish on the second-largest digital asset.
Satoshi Flipper, a prominent cryptocurrency trader, recently noted that Ethereum’s weekly chart is showing relatively bullish signs after bottoming around $120.
Related Reading: This Gold Bug Says Bitcoin is Worth $0 Because His “Wallet Forgot His Password”
He specifically noted that the Heiken Ashi candles, which are a special charting technique used to more easily determine trends, have turned green on the weekly chart, suggesting a medium-term bull trend is forming.
Flipper added that Ethereum has broken out of a falling wedge structure that constrained price action for six months, boding well for bulls.
$ETH Weekly Heikin Ashi = Bullish pic.twitter.com/OBq5TqGXVt
— Satoshi Flipper (@SatoshiFlipper) January 23, 2020
Long-Term Outlook Shaping Bullish
It isn’t only the medium-term outlook that is bullish for Ethereum.
Trader CryptoWolf recently noted that if you stack the charts if Bitcoin’s early years and Ethereum from its inception, the latter is eerily following the path of the former, with the two cryptocurrencies having both seen an absurd return on investment since their earliest days.
His chart implies that if ETH continues to follow the path trailblazed by Bitcoin, it will surge by thousands of percent from here by the end of the decade, and potentially even higher, boding well for investors.
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