The past few months have seen a shift in the behavior of the crypto market itself, as well as numerous different individual coins. Among them, there is Ethereum, which kicked off 2019 by taking its place as the second largest cryptocurrency by market cap of XRP.
Since, ETH price started to see a recovery, bull runs first in February, and then in March. In fact, it managed to grow from $ 126 to $ 140 over this period, a growth of 11% against the USD. However, Ethereum, as well as other coins, saw their first real rally in 2019 on April 1, when the coins saw a massive surge hitting Bitcoin by around $ 1,000, while ETH itself hit $ 177 in the space of two days.
However, the rise was a bit too sudden, and as always, once cryptocurrencies went up too far, a correction follows. In this case too, Ethereum fell sharply past its USD 170 support and was only stopped by the USD 160 support. The coin even briefly broke this support on April 4, although it was back above it on April 5, and the current performance remains reasonable stable, with a price between $ 164 and $ 165 for the past two days.
Predictions of Ethereum’s growth
While Ethereum’s performance certainly came as a positive surprise to investors, experts actually believed that ETH is on the cusp of a massive surge, pushing the coin to even hit $ 200. This was similar to those forecasts claiming that BTC would definitely grow if it can grow past USD 4,200. In the case of Ethereum, the key resistance was at USD 148, and as promised, both coins were past their resistance and soared to highs not seen since mid-November. market crash.
Of course, the prediction that ETH will reach $ 200 has not materialized, or at least not yet, and the highest the coin has reached so far was $ 177. The prediction hit Twitter and was posted by The Crypto Dog, who stated that if ETH can break the USD 148 resistance, it will end the month + long streak. But more importantly, it will lay the groundwork for a rise to $ 200.
– The Crypto Dog (@TheCryptoDog) March 30, 2019
At the time, this prediction was considered extremely unlikely as ETH had to break through the resistance that has been the biggest problem for the past two months. However, just two days later, ETH shot past without even slowing down.
The Crypto Dog could not have known that, however, and he based his positive prediction on the strong performance of the altcoins. Around the time the prediction was made, tokens like Waltonchain, Tezos, Bibox Token, and others all started to see massive gains ranging from 5% to 65%.
Meanwhile, Bitcoin’s stagnant price indicated that there is no new cash flow from outside the crypto market. Instead, the money moves from established currencies to lower level altcoins. However, this is an important indicator in the market as investor interest in higher risk currencies is typically an indicator of a short term bullish performance of the market in general.
Alex Kruger thought the same, predicting that the bear market will finally end if Bitcoin manages to grow past $ 4,200. Just two days later, BTC started a rally that took it past $ 5,200. And although the market saw a correction, the coins are still seeing prices much higher than before, meaning the correction was weak and short.
Meanwhile, traders are once again optimistic about digital currencies, and the whole world is once again developing interest, particularly in Bitcoin and other top cryptocurrencies, which are among the top searches on Google, Baidu and other search engines around the world.
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Disclaimer: This article should not be construed as and is not intended to be investment advice. Global Coin Report and / or its affiliates, employees, writers, and subcontractors are cryptocurrency investors and may or may not have a portion of the coins or tokens they cover from time to time. Please do your own thorough research before investing in any cryptocurrency and read us in full disclaimer.
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