• Crypto Lists
  • Bitcoin
  • Blockchain
  • Cryptocurrency
  • Altcoin
  • Advertise With Us
  • Join our Telegram Community
Newsletter
ItsBlockchain
  • Blockchain
  • Bitcoin
    featured image

    A Beginner’s Guide to Bitcoin futures trading

    crypto traders 2021

    Top 5 Crypto traders to follow on Twitter in 2021

    featured image

    Everything you need to know about Bitcoin IRA

    featured image

    How Bitcoin can be hacked?

    featured

    A starter guide to Bitcoin Options trading

    Featured Image

    With Bitcoin Mining Capitulation Coming to an End, Will Halving Pump Begin?

    featured image

    Technical Indicators suggests Bitcoin can crash to 7000$ in next few days

    featured image

    Why is Bitcoin a safe haven in a financial crisis

    featured image

    How to Make Money in Crypto When It Falls

    Trending Tags

    • Altcoin
    • Crypto Lists
    • Crypto Market
    • Guide
    • NFT
    • DEFI
    No Result
    View All Result
    • Blockchain
    • Bitcoin
      featured image

      A Beginner’s Guide to Bitcoin futures trading

      crypto traders 2021

      Top 5 Crypto traders to follow on Twitter in 2021

      featured image

      Everything you need to know about Bitcoin IRA

      featured image

      How Bitcoin can be hacked?

      featured

      A starter guide to Bitcoin Options trading

      Featured Image

      With Bitcoin Mining Capitulation Coming to an End, Will Halving Pump Begin?

      featured image

      Technical Indicators suggests Bitcoin can crash to 7000$ in next few days

      featured image

      Why is Bitcoin a safe haven in a financial crisis

      featured image

      How to Make Money in Crypto When It Falls

      Trending Tags

      • Altcoin
      • Crypto Lists
      • Crypto Market
      • Guide
      • NFT
      • DEFI
      No Result
      View All Result
      ItsBlockchain
      No Result
      View All Result
      Home technical analysis

      Ethereum Price Prediction: could reach 1000$ in 2020.

      Hitesh Malviya by Hitesh Malviya
      March 5, 2020
      in technical analysis, Trade Signal, Trading
      0 0
      1
      ETHUSD 1000$
      0
      SHARES
      ShareTweet

      In this article, we will discuss Ethereum Fundamental analysis, Network analysis, Technical analysis and future price prediction for 2020.

      There is a lot of investment focus is going on for bitcoin because of Upcoming Halving, But we should not forget that ETHEREUM is also going through an important transition from Proof of work to proof of stake consensus.

      World’s second-largest cryptocurrency project ETHEREUM is currently using Proof of Work consensus protocol for coin issuance and transaction validation. Proof of work requires High computing usage to issue coins, and verify the transaction and store them on the blockchain network. Proof of stake emerged as better alternative to Proof of work consensus algorithm in recent years. Few Ethereum competitors – EOS,TRON & Tezos are also using Proof of stake based protocol.

      Proof of stake

      Satoshi Nakatomi introduced proof of work consensus to solve the double-spending problem to achieve decentralized and distributed payment systems. The second generation of cryptocurrency projects from Zcash to Ethereum adopted proof of work mechanism for coin creation and validation on the blockchain network. Security was the major advantage to use proof of work-based consensus protocol, but they are slow as compare to traditional payment systems – Paypal and visa. 

      Peercoin was the first cryptocurrency that introduced a new consensus protocol called proof of stake to the world in late 2015.

      Proof of stake definition According to Wikipedia–

      “Proof of stake (PoS) is a type of consensus algorithm by which a cryptocurrency blockchain network aims to achieve distributed consensus.”

      In 2017, Ethereum Founder, Vitalik Buterin revealed his plan to switch from Proof of work to proof of stake consensus protocol to tackle the speed and scalability problems. Ethereum (ETH) co-founder Vitalik Buterin declared that future blockchains with sharding based on proof-of-stake (PoS) will be “thousands of times more efficient” in a lengthy Twitter thread posted on Dec. 10.

      Fundamental Analysis

      Last year, ETEHREUM Foundation released a detailed roadmap of ETH 2.0 phases on ethhub, ETHEREUM also completed two hard forks Constantinople & Instanbul and now entered into Phase0 of Serenity Roadmap. The next step for ETHEREUM is to launch Beacon Chain: It’s when Staking will also be launched on the main network. According to last Ethereum development update – to become a validator on Ethereum Proof of stake Blockchain – One needs to hold 32 ETH and swap them for ETH2(Token for ETH 2.0 blockchain).

      According to recent news 22,000 accounts registered as validators on one of the Proof of stake Testnet.

      Ethereum foundation could release details about Phase 0 – Beacon chain and staking launch in upcoming months with requirements to become validators and operators. Once these updates will be released by them then I believe More people will rush to buy 32 ETH as soon as they can to become validators on ETH 2.0 Chain. There is an upcoming Retail Staking Rush which is currently brooming. The upcoming staking Rush will create a huge demand for ETH, and eventually, it will help ETHUSD price to reach new highs – possibly higher than 1000$ this year.

      Network Analysis (Update – 15 February 2020)

      Total addresses

      Total With Balance

      30-Day Average – 47.86m addresses

      30-Day High – 48.39m addresses

      30-Day Low – 47.4m addresses

      Number of Transactions

      7-Day Average – 694.91k txs

      7-Day High – 778k txs

      7-Day Low – 606.29k txs

      Transaction Volume

      7-Day Average – 2.27m ETH

      7-Day High – 3.53m ETH

      7-Day Low – 1.51m ETH

      Hash Rate

      30-Day Average – 158.34 TH/s

      30-Day High – 165.43 TH/s

      30-Day Low – 153.67 TH/s

      Technical Analysis

      ETHUSD Price cycle as compare to BTCUSD Price cycle

      ETHUSD vs BTCUSD Price cycle
      ETHUSD vs BTCUSD Price Cycle

      When comparing with ETHUSD with BTCUSD on Monthly Chart, We can find ETHUSD is following the first price cycle of BTCUSD in which Bitcoin started next wave at 190$ after a brief drop from 1170$. Bitcoin took almost two years to retest previous all time high at 1170$ in 2017.

      In my opinion, the ETHUSD price has found a bottom around at 80$ in Dec’18, and the price is now marching above 170$. I am expecting ETHUSD to retest 1000$ in 25 months from the month it had found a bottom for this price cycle. Ethereum could reach 1000$ in anywhere in between November or December – 2020.

      ETHUSD – Daily technical Analysis

      ETHUSD – Daily (Kraken)

      ETHUSD is marching rally with Bitcoin lately, ETHUSD is now trading close 200 MA on a daily timeframe. Bitcoin had already broken above 200MA, expecting ETHUSD to break above this resistance soon. Once ETHUSD price breaks above 175$-200MA Resistance then ETH could restest 200$ in the next few days, and 236$ after a successful break above 200$.

      MACD is also showing a strong sign of bullish continuation, after a bullish crossover yesterday.

      Support: 156$, 160$

      Resistance: 200$, 236$

       

      ETHUSD – Weekly Technical Analysis

      ETHUSD weekly
      ETHUSD – Weekly (Kraken)

      On the weekly timeframe, ETHUSD had a bullish crossover last week, and the price managed to close last week’s candle above 21MA – that is bullish.

      The next key resistance to breaking at a weekly timeframe is 50MA at 186$, and 199$. I am expecting the ETHUSD price to test 200$ before the end of this week.

      Conclusion

      Because of ETH 2.0 Launch, Fundamentals and technicals both are favor with bulls this time around. The price prediction for Ethereum in 2020 is 1000$.

      Update #1 – 15 February 2020

      Ethereum broke out above 236$ and 270$ Resistance and currently trading above 280$ on all exchanges. Next resistance to break is at 336$, Once Ethereum break above said resistance, It could go parabolic from there and Ethereum price could reach 450$ in few days.

      Update #2 – 5 March 2020

      Ethereum price reached 285$ last month, and witnessed a 30% drop after touching 285$. Ethereum ic currently trading at 230$.

      Subscribe to our channel so you don’t miss any news on Telegram

      Hitesh Malviya

      Hitesh Malviya is the Founder of ItsBlockchain. He is one of the most early adopters of blockchain & cryptocurrency enthusiast in India. After being into space for a few years, he started IBC in 2016 to help other early adopters learn about the technology.
      Before IBC, Hitesh has founded 4 companies in the cyber security & IT space.

      IBC-Transparent-Logo-(1)

      Subscribe To Our Newsletter

      Join our mailing list to receive Cryptocurrency investing and trading recommendations to your mailbox.

      You have Successfully Subscribed!

      Tags: ethereum price prediction 2020featured

      Subscribe to get notified on latest posts.

      Unsubscribe

      Related Posts

      featured image

      Cryptocurrency Market Weekly update #8

      by Hitesh Malviya
      March 10, 2020
      0

      According to our last weekly update: Bitcoin retested 9200$, price got rejected from there and reached below 7700$. Ethereum retested...

      featured image

      Bitcoin’s fear and greed index suggest a strong BTC buying opportunity

      by Hitesh Malviya
      March 9, 2020
      0

      Bitcoin price crashed to 7700$ in morning trading hours, CME Gap was also filled after this drop. The reason of...

      featured image

      Cryptocurrency Market Weekly update #7

      by Hitesh Malviya
      March 2, 2020
      0

      According to our last weekly update - Bitcoin dropped below 9200$, and Ethereum dropped below 220$.Last week, whole cryptocurrency market...

      featured image

      Cup and Handle formation on Bitcoin chart could push the price higher

      by Hitesh Malviya
      February 27, 2020
      0

      What a brutal sell-off that was? Bitcoin Dropped around 15% in last three days. World's largest cryptocurrency dropped to 8550$,...

      featured image

      Cryptocurrency Market Weekly update #6

      by Hitesh Malviya
      February 24, 2020
      0

      According to our last weekly update - Bitcoin dropped below 9500$, and Ethereum dropped below 240$.Last week was slow for...

      Load More

      About Us

      We curate the best cryptocurrency projects with the intention of adding value for investors through the process of selecting, organizing, and looking after different projects available in the cryptocurrency market.

      • Trending
      • Comments
      • Latest
      Top 10 NFT Crypto Projects You Should Know

      Top 10 NFT Crypto Projects You Should Know

      March 8, 2021
      Top 10 Cheap Cryptocurrencies with Huge Potential in 2021 | Best Penny Crypto Coins

      Top 10 Cheap Cryptocurrencies with Huge Potential in 2021 | Best Penny Crypto Coins

      March 6, 2021
      top-altcoins-march

      Top Ten Altcoins To Buy in March 2021- Part 1

      March 8, 2021
      hidden gems crypto

      Top 5 Hidden gems Crypto

      February 27, 2021
      non fungible token

      Non-fungible Token(NFT): The Next Big Thing in Crypto Market

      March 8, 2021
      featured image

      Top 10 Low market cap altcoins to invest in 2021

      March 2, 2021
      top 5 ido march

      Top 5 Upcoming Token Sale in March 2021

      March 2, 2021
      tron squire

      Tronsquire: A Million Dollar Scam on Rise In India which promises up to 1000x Returns on TRX

      March 7, 2021
      top-altcoins-march

      Top Ten Altcoins To Buy in March 2021- Part 1

      March 8, 2021
      NBA TOP SHOT

      NBA Top Shot: What’s All The Buzz About?

      March 8, 2021
      blockchain myths

      Top 5 Blockchain Myths Explained

      March 4, 2021
      Top 10 NFT Crypto Projects You Should Know

      Top 10 NFT Crypto Projects You Should Know

      March 8, 2021
      top 5 ido march

      Top 5 Upcoming Token Sale in March 2021

      March 2, 2021
      crypto influencer

      Top 10 Influencers in Crypto New Investors Should Follow

      March 5, 2021
      • Top 10 Cheap Cryptocurrencies with Huge Potential in 2021 | Best Penny Crypto Coins

        Top 10 Cheap Cryptocurrencies with Huge Potential in 2021 | Best Penny Crypto Coins

        0 shares
        Share 0 Tweet 0
      • Top Ten Altcoins You Should Buy in February 2021 – Part 1

        0 shares
        Share 0 Tweet 0
      • Top Ten Altcoins You Should Buy in February 2021 – Part 2

        0 shares
        Share 0 Tweet 0
      • Top 10 NFT Crypto Projects You Should Know

        0 shares
        Share 0 Tweet 0
      • List of leading partners of Ripple, and How they use XRP?

        0 shares
        Share 0 Tweet 0
      ItsBlockchain

      We are India’s first and oldest Blockchain & Cryptocurrency publication platform started in 2016. We are a one-stop destination for technical analysis, cryptocurrency recommendations, and Blockchain technology resources.

      Buying Guides

      • Buy Bitcoins in India
      • Buy Bitcoins in China
      • Buy bitcoins in Russia
      • Buy Bitcoins in Japan
      • Buy Bitcoins in Turkey

      Important Links

      • Home
      • About US
      • Privacy Policy
      • Promote Your ICO
      • Submit post

      Follow Us

      Contact us

      support@itsblockchain.com

      © 2020 itsblockchain.com - Designed and maintained by Fanatic Coders

      No Result
      View All Result
      • About US
      • DEFI
      • Home
      • Newsletter
      • Privacy Policy
      • Promote Your ICO
      • Submit post

      © 2020 itsblockchain.com - Designed and maintained by Fanatic Coders

      Login to your account below

      Forgotten Password?

      Fill the forms bellow to register

      All fields are required. Log In

      Retrieve your password

      Please enter your username or email address to reset your password.

      Log In
      This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.