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Will Ethereum Rebound in 2020?

  • Ethereum price drops to $141 as the cryptocurrency enters a new period of volatility. The technical indicators show that ETHUSD could rebound in 2020.

At the moment Ethereum hit local low at below $141 as you can see on the PrimeBit 1-day chart below. The first two days of December have been disappointing for cryptocurrency bulls so far.

Etheruem, PrimeBit

Traders with long positions were counting on Ethereum bouncing back and going at least back to the $200 or even $300 level. So far, $300 seems to be too optimistic, although these were the prices that we observed in June 2019.  On the bright side, the supports seem to be sound.

PrimeBit

On the other side, the historic data and the situation on the crypto-futures markets show that the bullish scenario is still possible. There’s no hard technical sign preventing the possibility of Ethereum jumping back to $400 in the next couple of trading days.

Cryptocurrency traders should keep an eye on the futures markets, especially PrimeBit. Ethereum contracts trading platforms show you not just the predictions but true trends based on real transactions.

Cryptocurrency contracts are getting more and more popular among the blockchain community. The P2P trading platforms offer a great alternative to popular CFD brokers. No spreads attract traders, boost liquidity, and provide great information on the future of cryptocurrency prices.

If the futures trade above the standard markets, this may open a “gap”, which may be a strong sign for the price to go up. If ETHUSD drops, the gap widens or a new gap is opened, which creates new gains opportunities.

The fundamentals are strong as Ethereum in 2019 has added four million active addresses and 20 million new accounts in total (including passive). The community reports that more than 520 Ethereum apps were brought to life. This would put the total number at more than 2700 at the end of the year.

The community itself is very strong. A popular smart contract toolkit Truffle has been downloaded more and more often with an increase of 25k per month.

The Ethereum prices are at the lowest at the moment. While there are many signs that they may bounce back, an opposite scenario is also possible. If you are an Ethereum long-term bull, you may consider hedging your position with some short orders on PrimeBit perpetual contract exchange.

 

Image by Gerd Altmann from Pixabay

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