It’s no secret that Ethereum has been one of the best performing major altcoins of 2020, with its rally turning parabolic after it broke above $200. This parabolic rally – which occurred over the span of roughly two weeks – allowed ETH to surge as high as $290.
Although the crypto’s parabolic uptrend has stalled in the time since, its subsequent retrace has been fairly tempered, with ETH finding some significant support around $250.
Now, one prominent analyst is noting that a simple pattern seen during previous rallies seems to suggest that the cryptocurrency could see significant further upside in the near-term.
Ethereum Begins Climbing Higher as Top Trader Eyes Significant Gains in 2020
At the time of writing, Ethereum is trading up 6% at its current price of $265, which marks a notable climb from daily lows of $245.
While looking at Ethereum’s one-week price action, it is important to note that the crypto is down significantly from highs of $290 that were set at the peak of its recent uptrend.
Although the crypto was unable to sustain this momentum, its bullish reaction to the $240 region seems to suggest that bulls still have significant underlying strength that could allow it to climb further in the near-term.
Angelo, a prominent yet mysterious crypto whale who has a track record of offering highly accurate, albeit elusive, predictions shared his thoughts on the aggregated crypto market yesterday, explaining that he believes ETH will end the year above $500.
“My minimum take profits as we approach 2021: BTC – $30k ETH – $500 XTZ – $10 XRP – $1. Good luck, have fun,” he concisely stated.
This Simple Pattern Shows ETH’s Parabolic Rally Isn’t Over Yet
Despite the short-term downtrend Ethereum has seen over the past several days, it is important to note that the same patterns formed during its 2018 rally now seem to suggest that ETH’s rally will extend further in the near-term.
Luke Martin, a highly respected cryptocurrency analyst, spoke about this in a recent tweet while referencing charts showing the two movements.
“Getting some 2018 $ETH vibes. If we can get a green daily today I want to be long again. Left: Dec 2018. Right: Current,” he explained.
If Ethereum is able to continue climbing higher today and closes the day with a green candle, it is possible that the crypto will soon post a massive extension of its recent uptrend that allows it to rally past $300.
Source: Cole Petersen - Newsbtc