• About
  • Advertise
  • Contact
Cryptopolitan
  • Home
  • News
    • Bitcoin
    • Binance
    • Ripple
    • Ethereum
    • Cardano
  • Guides
  • Regulation
  • Price Index
    • Bitcoin Price
    • Ethereum Price
    • Ripple Price
    • Cardano Price
    • Binance Coin Price
  • Research
  • Scam
  • Events
No Result
View All Result
Cryptopolitan
  • Home
  • News
    • Bitcoin
    • Binance
    • Ripple
    • Ethereum
    • Cardano
  • Guides
  • Regulation
  • Price Index
    • Bitcoin Price
    • Ethereum Price
    • Ripple Price
    • Cardano Price
    • Binance Coin Price
  • Research
  • Scam
  • Events
No Result
View All Result
Cryptopolitan
No Result
View All Result
Home News Ethereum News

Ethereum price rallies to nearly USD 400, pushing Bitcoin (BTC) upwards?

Dalmas Ngetich by Dalmas Ngetich
August 2, 2020
in Ethereum News
3 min read
Ethereum Price ETH
585
SHARES
3.2k
VIEWS
Share on FacebookShare on Twitter

In the last two weeks, Ether (ETH) price increased by 75% as the price rallied from $222 to $400. Many investors believe Ether’s momentum might be lifting the entire market and might be pushing Bitcoin (BTC) upwards.

Three factors were observed to trigger the strong Ether rally, namely: DeFi, ETH 2.0, and the current prolonged rally taking place in the altcoin market.

Ethereum price rallies to nearly USD 400, pushing Bitcoin (BTC) upwards? 1

RelatedPosts

Ethereum price prediction: Ethereum retests $2,090 support, prepares to push higher

Ethereum price prediction: Ethereum breaks $2,140 resistance overnight, prepares to move higher

ETH Price Prediction: Ethereum eyes $2,200 despite struggling to sustain upward movement

Ethereum Price Prediction: ETH to advance beyond the $2,000 mark if it holds key support

The “fat protocol thesis”

It is everything against the “Fat Protocol Thesis” forwarded by Joel Monegro in August 2016. He stated that the value of a smart contracting protocol will grow at a faster pace than the value of applications built on it.

Disapproved, the development will bring into question talks about Ethereum security and undoubtedly, the Economic Abstraction question. This stems from the parasitic nature of Ethereum-based dApps. Though useful and driving adoption, they technically don’t draw value to ETH but rather to their respective tokens.

Still, Raoul Paul, a former Goldman Sachs executive sees value in Ethereum at a time when BTC flat-lines, and Ethereum tokens like Link bloom.

Ethereum likely to outperform Bitcoin because of DeFi

In Pal’s assessment, there is a strong likelihood of ETH outperforming Bitcoin in the long-term. He zeros in on DeFi, stating that the growth of this ecosystem will pump the Ethereum price in the next bull cycle. In a newsletter, he notes:

“I am getting increasingly bullish on Ethereum. ETH is the silver to Bitcoin’s gold. It has more industry uses and less store of value uses… ETH is all about adoption rates and usage. Basically, it’s all down to something called DeFi.”

And the ETH/BTC cross looks like ETH is going to be the outperformed initially… pic.twitter.com/6E9HKzOhZj

— Raoul Pal (@RaoulGMI) July 8, 2020

Ethereum price analysis

Ethereum Daily Chart for July 15, 2020

It remains to be seen whether the confluence of ETH 2.0, profit-taking rallies, and DeFi growth could push Ether price to higher resistance areas. For now, the sentiment around the altcoin generally remains positive in the medium-term. Previously, the Ethereum price is stable. There are no meaningful gains or losses against both Bitcoin and the USD.

The Ethereum price is oscillating within a tight trade with support limits at $230. Since ETH prices are above the middle BB (the 20-day moving average) and inside the bullish candlesticks of July 6 and 9, buyers have a chance. This is from an effort versus results point of view supportive that point at bulls.

A break above $250 means the current consolidation was an accumulation. In that case, there will be a strong likelihood of the Ethereum price soaring to $280 or better in days ahead. Ideally, the sharp break above $250 ought to be at the back of high trading volumes.

If trading volumes exceed those of the anchor bar (July 6, 2020), ETH prices may retest $280. The opposite is true if ETH bears reverse gains made in the last week of trading. In that eventuality, immediate targets stand at $200 and $180.

Technical chart courtesy of Trading View

Disclaimer: This is not investment advice. Opinions expressed here are those of the author and not the view of the publication.

Dalmas Ngetich

Dalmas Ngetich

Dalmas is a very active cryptocurrency content creator and highly regarded technical analyst. He’s passionate about blockchain technology and the futuristic potential of cryptocurrencies. Enjoying the opportunity to help educate bitcoin enthusiasts, he writes insights and coin price chart analysis.

Related Posts

Ethereum Price Prediction 2021-04-11
Ethereum News

Ethereum price prediction: Ethereum retests $2,090 support, prepares to push higher

April 11, 2021
Ethereum Price Prediction 2021-04-10
Ethereum News

Ethereum price prediction: Ethereum breaks $2,140 resistance overnight, prepares to move higher

April 10, 2021
ETH Price Prediction
Ethereum News

ETH Price Prediction: Ethereum eyes $2,200 despite struggling to sustain upward movement

April 9, 2021
Ethereum Price Prediction
Ethereum News

Ethereum Price Prediction: ETH to advance beyond the $2,000 mark if it holds key support

April 8, 2021
Ethereum Price Prediction 2021-04-07
Ethereum News

Ethereum price prediction: Ethereum retests $2,140, prepares for a breakout later today?

April 7, 2021
Ethereum Price Prediction 2021-04-05
Ethereum News

Ethereum price prediction: Ethereum fails to move higher, retests $2,000

April 5, 2021

Follow Us

  • 51k Fans
  • 8.3k Followers

Latest News

Weekly Crypto Price Analysis 12th Apr: BTC, ETH, BNB, SUSHI, UNI

Weekly Crypto Price Analysis 12th Apr: BTC, ETH, BNB, SUSHI, UNI

April 12, 2021
bitcoin mining

How does Bitcoin Mining Work?

April 12, 2021
Binance coin

Binance coin surges as Nasdaq prepares for Coinbase listing

April 12, 2021
Chainlink Price Prediction 2021-04-12

Chainlink price prediction: Chainlink continues trending higher, preparest to test resistance at $35

April 12, 2021
Binance Coin price

Binance Coin price prediction: BNB to face rejection at $600 as bulls stumble

April 12, 2021

Signup To The Daily Roundup

Get New Posts By Email:
Privacy Policy

Got a Story tip? Email Contact@Cryptopolitan.com

News

Guides
Bitcoin News
Blockchain News
Ethereum News
Industry News
Research News
Scam News
Regulation News
Exchange News
Bitcoin Price
Ethereum Price
Bitcoin Cash Price
Cardano Price
Dash Price

Stay Connected

Facebook
Twitter
Telegram
Youtube

Company

About
Contact
Write for us
Advertise with us
Privacy Policy
Cookie Policy
Comment Policy
Editorial Policy
Terms and Conditions
Crypto Portfolio Tracker
Sitemap

Exclusive Partners of

Footer 2

Got a Story tip? Email Contact@Cryptopolitan.com

cryptopolitan 1

News

Guides
Bitcoin News
Blockchain News
Ethereum News
Industry News
Research News
Scam News
Regulation News
Exchange News
Bitcoin Price
Ethereum Price
Bitcoin Cash Price
Cardano Price
Dash Price

Stay Connected

Facebook
Twitter
Telegram
Youtube

Company

About
Contact
Write for us
Advertise with us
Privacy Policy
Cookie Policy
Comment Policy
Editorial Policy
Terms and Conditions
Crypto Portfolio Tracker

Cryptopolitan brings you quality Blockchain and Cryptocurrency news, ICO reviews, crypto technical analysis, and other unique news insiders. We cover Bitcoin news, altcoins news, blockchain projects news, ICO news, regulatory developments and the confluence of news on the leading blockchain technologies.

© 2021 Cryptopolitan. All rights reserved. Terms | Privacy

No Result
View All Result
  • Home
  • News
    • Bitcoin
    • Binance
    • Ripple
    • Ethereum
    • Cardano
  • Guides
  • Regulation
  • Price Index
    • Bitcoin Price
    • Ethereum Price
    • Ripple Price
    • Cardano Price
    • Binance Coin Price
  • Research
  • Scam
  • Events

Copyright © 2020 Cryptopolitan.

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