Ethereum experienced a big push in the crypto market earlier last week that resulted in a rise in ETH’s price to $165. Ethereum continued and tested the $180 region briefly before a correction back to $160. Earlier in the midweek, the number one altcoin retested the $170 mark for the second consecutive day although it failed to hold on.
High Expectations This Year
Expectations are high in the New Year, not just for Ethereum, but for bitcoin as well. Analysts have expressed their optimism on the flagship cryptocurrency, as well as their hopes for Ethereum this year. There were expectations that Ethereum would hit $200 in January alone. Although the price has not exactly been hit, considerable efforts to reach the same have not gone unnoticed. An even higher prediction has been placed on Ethereum’s price-$850.
The prediction was made by Galaxy, a popular analyst who forecasted bitcoin’s parabolic run. He predicted that the flagship currency would go on a bull run once it breaks the trendline on a log chart. Galaxy predicts the same for Ethereum.
In a tweet he sent earlier in the week, the analyst revealed a weekly chart showing that Ethereum was almost breaking a downtrend in a trendline that goes back 2 years ago. Galaxy predicts a possible bull signal in the coming week with February as the take-off month.
According to Galaxy, the breaking of the trendline means the price would rise to $200 by the start of February. In case the prediction does not materialize by that time, he predicts that $850 would be reached between August and September.
But Galaxy is not the only one predicting that ETH may go beyond $200. A prediction by Satoshi Flipper on Monday put the figure at $335. The analyst backed this by claiming that the upcoming bitcoin halving will be a catalyst for big crypto moves in 2020.
In the most ambitious prediction yet, Ryan Sean Adams, founder of Mythos Capital, asserts that there could be a case for a trillion-dollar market for Ethereum. Adam claims that Ethereum could reach a market cap close to that of Saudi Aramco (the world’s most profitable company) because of its increasing mass adoption and usage in decentralized finance.
Ethereum 2.0 Phase 0 Is Ready
Meanwhile, new updates on the progress of Ethereum 2.0 have been revealed. Diederik Loerakker, who is working on ETH2 published development updates on Ethereum’s awaited update. Mr. Loerakker says that the beacon chain (Ethereum 2.0 phase 0) is now stabilized.
The beacon chain is Ethereum’s next network development. It will replace the proof of work consensus with proof of stake.