ETH/USD has picked up some bullish momentum, since breaking out of a side-wards channel resistance at 848.
At current, price is trading at 930, price broke out after supporting on the 20 and 50 moving average, suggesting that the bullish presence we are now seeing is legitimate. Even further that this happened on a higher low. This is the first sign of an uptrend forming and this is where the institutions and big money would be participating.
Price will now likely test the side-wards resistance as a new support, but this isn't a deal breaker either way. Coupled with the fact that a retest would again coincide with the moving averages, this could provide a compelling support where once again the big money would be looking to speculate and accumulate.
I am expecting Ethereum to recover lost ground now as the trend is having a legitimate turn.
Bare in mind, that I am predicting a longer term bull presence.
Also bare in mind that Ethereum is one of the most efficient safe haven currencies. So if you have a low amount of cash, Ethereum is your best bet for safety and simultaneous profitability.
I will update this analysis when I receive above 40 likes.
@TomProTrader What is you personal expectation on ETH for 2018? Especially compared to BTC?
I strongly believe that we will see something around 5k$ ETH in 2018, while BTC will stabilize around 16k. My point is, do you think that ETH will outperform BTC this year or at least go head on head with it in regards of market cap or do you think that we will stay around 0.1 BTC and ETH keeps moving in tandem to BTC.
copa1079
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@Jbos865, that would make ETC/BTC nearly 0.3, which I think is high. If we take the ratio of coin supply for ETH/BTC, it is roughly 0.17. All time high for ETH/BTC is 0.15 or so. I think this could get as high as 0.2 this year, but who knows. If BTC reaches $16,000 this year and ETH/BTC was 0.2 we would see ETH at $3,200. On the other hand, ETH at $5000 and ETH/BTC at 0.2 would make BTC at a new ATH of $25,000, which is my personal prediction for December. Hope this helps!
Jbos865
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@copa1079, I think ETH hat potential to go 0.5 BTC while BTC stay below 20k. 'course I assume that the market cap of ETH will be much higher than it is today and higher than its for BTC.
I strongly believe that we will see something around 5k$ ETH in 2018, while BTC will stabilize around 16k. My point is, do you think that ETH will outperform BTC this year or at least go head on head with it in regards of market cap or do you think that we will stay around 0.1 BTC and ETH keeps moving in tandem to BTC.