Ethereum Price Prediction – Can Ethereum Break $300 in 2020? ETH Price Forecast

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Ethereum will hit half a decade this coming July since launch, and if everything goes well, it will initiate its transition to ETH 2.0, which will solve scalability issues. That will be quite remarkable for the platform that brought smart contracts and dapps to the blockchain. Progress on its development will rally its huge community, and this will have a positive effect on its price, which has underperformed over the past two years. So far, we see evidence of positive momentum in 2020 as several factors conjure to spur ETH price.

In this Ethereum price prediction, we are going to analyze the latest news and developments, price history and evolution over the past two years, and TradingView charts as we try to find out why Ethereum price is likely to break past $300 by the end of the year. Also, we will include some expert predictions on why this is a bullish year for ETH.

Notable Ethereum news & Plans for 2020 and above

Vitalik Shares His Vision For ETH 2.0 Development 

In a tweet made last month, Vitalik Buterin shared his vision and personal roadmap for ETH 2.0 development. The tweet covers the next five to ten years of the project development. 

The Ethereum cofounder emphasized that research and development would go on despite recent challenges. According to him, moving forward, there should be less fear of complexity with the system update as the upcoming changes should address previous issues. 

In a tweet he noted:

“The “quadratic sharding as the end of history” approach ensures there will not need to be a further upgrade as large as the eth1 -> eth2 one; rather, from eth2 onwards, things will be much more incremental.”

Reflecting on the last two years of Etherum’s development, he added that:

“In general, over the last ~2 years, there has been a solid shift from “blue sky” research, trying to understand what is possible, to concrete research and development, trying to optimize specific primitives that we know are implementable and implement them.”

Earlier last month, Vitalik speaking to a crypto media publication noted that Ethereum’s main goal for the year was to launch Phase 0 of ETH 2.0. after this, ETH 2.0 will begin as independent proof of stake network. 

Vitalik’s comments on the progress came just a month after Justin Drake, an Ethereum 2.0 researcher, informed the public via Reddit that they planned to upgrade the network on its ‘fifth anniversary, July 30, 2020.’ The assurance from Vitalik and developers has aided ETH price as the coin is 31% up since the beginning of the year. 

According to Sharan Nair, the chief business officer at CoinSwithch.co and CRUXPay, “Investors likely bought into the promise of ETH 2.0, which is said to scale the Ethereum blockchain significantly,” Also, some investors may have snapped up coins for staking after the protocol upgrade.”

Ethereum Price Is Getting A Boost From Growth of DeFi

Data from DefiPulse indicates that the decentralized finance (DeFi) space exploded in 2019. The total value locked (TVL) in protocols rose from $320 million to over $670 million. 

Ethereum Price Prediction

And on February 15, the TVL rose further to a record high of $1.219 billion. According to Nair, “the numbers tell us that investors see DeFi to be truly disruptive and believe it can replace traditional finance, leading to increased accumulation of ether.”

MakerDAO, a lending platform, is currently the largest DeFi project with a 49.81% dominance. Most of the popular projects on the list are based on Ethereum’s blockchain, and this explains why we are witnessing the growth of the ETH price alongside that of DeFi. 

Also, the number of Ethers locked in DeFi rose from 1.912 million to 2.921 million between January 1, 2019, and Dec.31,2019. The number increased further to a high of 3.192 million on Jan.29,2020 before dropping to 2.71 million this week.

Ethereum (ETH) 2018-2020 Historical Price Analysis 

Ethereum charts 2018 – 2020 coinmarketcap.com

The beginning of 2018 saw Ethereum peak in price achieving its all-time high on January 14 of $1,400. However, that is as good as it got as a steady decline set on with high price volatility throughout the year. By April 5, 2018, the price had dropped to $370 before doubling to $790 by May 5th same period. But, that would be the last time the ETH price would see such highs as a steady decline set on which saw the coin end the year at $137. (Calculate the %)

2019 was a more consistent year for Ethereum even though there were the price fluctuations, which is common in crypto; they were quite minimal. The price managed to hold between $130 to $300 throughout the year, with a peak of $332 being achieved on June 27, 2019.

2020 began at the $130 level, and there was a steady rise in price, culminating to the year’s peak so far of $280 on February 15. The price held above $200 for almost a month before dropping from the zone on March 11. A steady decline was recorded on March 12, with the price dropping from $194 to $135 (calculate the %). Since then, the price has held within the $130 to $170 range.

With the period Ethereum lost and reclaimed the second position on market capitalization from XRP. 

Ethereum 2019 popularity vs. Ethereum 2020 popularity 

Ethereum interest from 2019 Google Trends

Looking at Google trends, we see Ethereum experienced peak interest in 2019 between May and July. There was a spike of interest between May 5 – 11, Jun 9 -15, and the most interest was registered June 30 – July 6. The interest coincides with the price peak for the year before a sharp decline of interest on July 21-27.

Ethereum Price Prediction

Ethereum interest by region

Since then, interest maintained an even level until Jan 26-1 Feb. it would peak between Feb 9-15 right about when we saw Ethereum record its highest price for the year.

Looking at the numbers, it’s clear there is more interest in Ethereum this year compared to last year within the same time frame.

Ethereum 2019 Price Evolution 

Ethereum price evolution 2019 coinmarketcap.com

The price of Ethereum was less volatile in 2019 compared to the previous year. It managed to remain with the $100 – $330 range throughout the year. ETH began the year at $140 before dropping to $104 on February 7, which marked the lowest mark the price hit. From there was a steady rise coupled with minimal decreases culminating to a peak of $336 on June 27. But that is as high as it got for ETH in 2019. Since then, there was a steady decline to the $200 zone where it held for a few weeks before dropping below $190 by August 15. The price would temporarily revisit the $200 territory between September 20 -September 24 before sharply dropping to the $160 zone. From there were minor increases and decreases with ETH ending the year at $132

Ethereum Price Predictions TradingView Analysis

 The analyst believes there is a possibility of temporary retracement to the suggested support line (0.02335). If so, traders can set orders based on Price Action and expect to reach short-term targets.

ETHBTC is in a range bound, and the beginning of uptrend is expected.

The price is above the 21-Day WEMA, which acts as a dynamic support.

The RSI is at 72.

Take Profits:

TP1= @ 0.02470

TP2= @ 0.02590

TP3= @ 0.02767

SL= Break below S2

The analyst notes that this is a speculative setup, and performance
is not guaranteed, so please use a tight stop loss. Also, it does help to do your own due diligence.
ETHUSD 1hour chart is very strong and previously popped
hard off 150, which was a recommended BUY level.
There is a strong accumulation where the analyst expects the price to hit
overhead resistance at 172//175 later, and this will provide some fuel for a minor pullback.
VPVR POC, located at 158//160, which is the best
reload spot for bulls. TP is 200+, 30% gains.

Ethereum is starting to look good vs. the U.S. Dollar ( ETHUSD ), according to Allanmasters. Even though its price is now facing resistance, a strong bounce is taking place today after 8 days of retrace, just a little over a week.

The trading volume is coming in for ETHUSD, but still average.

  • Prices easily moved to pass EMA10 (green) and EMA50 (magenta).
  • Prices are now stuck below EMA100 (blue) and MA200 (black).
  • If EMA100/MA200 can be conquered today, Ethereum is very likely to continue higher and hit $185 followed by $210+.
  • If EMA100/MA200 rejects the growth as it happened in early April (yellow), we will test the different support levels, marked with blue dashed lines.

Expert Ethereum Price Predictions 

Coinswitch believes 2020 will be a remarkable year for Ethereum and the rest of the crypto market. The price can go as high as $1600 by the end of the year since the see dapps experiencing massive adoption within the course of the year. 

According to Trading Beasts, they expect ETH to reach $900 by the end of 2020, with an average of $650.

CoinKir, a crypto prediction site, believes Ethereum could revisit its all-time high of $1,400 by the end of 2020.

Brian Schuster, the founder of Ark Capital LLC, is quite bullish on the price of ETH in the longterm. He sees the coin reaching as high as $100,000 in five years, given that crypto will replace gold.

TieuLong FX, a forex trader, believes that Ethereum could reach $1,365 by the end of the year.

According to PriReis, a respected analyst on the trading view, Ethereum could end the year at $320, which is quite realistic. 

Moving from a realistic to a more unrealistic prediction, we have Nigel Green, CEO of deVere Group, who believes Ethereum could end the year at $2,500. He sees the increasing use of smart contracts, increased demand for cryptocurrencies, and the decentralization of cloud computing as the chief drivers of the price.

Author: Basil Kimathi

Read more at:https://usethebitcoin.com/ethereum-price-prediction-can-ethereum-break-300-in-2020-eth-price-forecast/

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