banner
Ethereum: price growth reaching almost $200
Ethereum: price growth reaching almost $200
Trading

Ethereum: price growth reaching almost $200

By Federico Izzi - 3 Feb 2020

Chevron down

Among the big crypto names, Ethereum has made a strong leap to the top, with a price growth at one step from $200. during the weekend.  

Saturday’s trading volumes contracted and then remained around the last week’s average during Sunday, at $100 billion. Nevertheless, the overall performance also saw most of the cryptocurrencies fluctuate in positive territory. 

Bitcoin, while still holding steady at $9,400, remained around the levels of the past few days. With the opening of the Asian markets closed for a week for the Chinese New Year festivities, and in particular the Shanghai Composite index, Bitcoin’s prices jumped above the $9,600 threshold for a few minutes, before returning to the 9,300-9,400 range that characterized Bitcoin in the last week. 

Strong increases have been recorded for Ethereum, which after more than three months has gone above $190 again, now a step away from the psychological area of $200.

Yesterday’s movements made Ripple’s quotations rise again and after more than three months it is now 26 cents on the dollar

coin360 20200203
Source: COIN360.com

After yesterday’s strong leaps, today’s day sees a prevalence of red signs. This should not be misleading because they are decreases due to intraday retracements that bring the quotations below parity. 

Looking at the ranking of the top 10 by capitalization, today they are all in the red, not so much because of a decline but rather due to profit-taking which is causing the quotations to fall back. Standing out among the big ones are the strong rises of Tezos (XTZ) and Iota (IOTA). 

Tezos is close to 20%, and with today’s strong jump it sees the quotations fly above the absolute highs above $2, almost reaching $2.10. This raises hopes for fans of Tezos, which climbed positions after suffering at the beginning of the year. After taking 10th position in mid-December for the first time, XTZ had slipped close to 20th position in January. Today’s strong jumps allow Tezos to challenge for 11th position, where it is going head-to-head with Cardano (ADA) for 10th position. 

Cardano benefits from last week’s rises but today it drops back by 1.6%. Iota instead achieves a +11% that added to what it is accumulating since the beginning of the year push towards an increase of +100%, a doubling of the quotations of Iota in 2020. Iota in the last few hours goes beyond the 37 cents of the dollar that it has not recorded since last July.

It should also be noted that Icon (ICX) is now climbing by 25%. Icon has been recording excellent movements for the past two weeks, which makes it accumulate gains of 200% from the opening prices in 2020. 

Enjin Coin (ENJ) and Matic Network (MATIC) are also back up 12%. Seele (SEELE), which was among the few tokens to have recorded a month of January with a negative balance, is also up 12%. With today’s rise, Seele is trying to reduce its losses amounting to -36% since the beginning of 2020. 

For the first time since last September, the market cap yesterday is back above $263 billion. With today’s contraction falls to close to 260 billion.

XRP chart by Tradingview

The dominance of Bitcoin recedes just over 65%, whereas Ethereum is gaining ground and is one step away from the 8% it had not recorded since last December. Despite the rises of the last few hours. Ripple remains anchored to 4.2% dominance.

BTC 20200203
Bitcoin chart by Tradingview

Bitcoin (BTC)

After the breaking of the dynamic downward trendline, which had been in a downward trend since last June and which fell between $9,000 and $9,100 on January 28th, BTC’s prices are trying to consolidate the rise that has been going on since the beginning of the year, a 30% jump. 

BTC is trying to consolidate prices between $9,300 and $9,500. If BTC’s prices consolidate above $9,000 to $9,200 in the coming days, there will be room to review the $10,000. 

Otherwise with a movement below $8,800 it would cancel the gains accumulated at the beginning of the year giving a first sign of concern that would affect the uptrend.

ETH 20200203
Ethereum chart by Tradingview

Ethereum (ETH): price on the rise

The rises of the last few days push Ethereum to score a performance that is higher than Bitcoin’s since the beginning of the year, ETH gains 45% and gives a good signal with the return of prices in the area 195 dollars. 

Ethereum will find new momentum that will attract more purchases if in the next few days it manages to consolidate prices in the range 175-190 dollars

In this case, breaking the $200 would be a step away and would cancel all the last negative quarter that has made ETH’s prices suffer downwards. ETH can now benefit from a bullish trend that would only be affected with a movement below $155, a level 20% away from the current value, so ETH has ample room for consolidation and ample room for manoeuvre to confirm itself as the queen of the altcoins.

 

Federico Izzi
Federico Izzi

Financial analyst and independent #trader – S.I.A.T. & Assob.it partner. He operates actively on stock and derivatives markets (futures and options) since 1997. A precursor of cyclic-volumetric analysis he is known for having identified the most important upward and downward movements in the financial markets of recent years. He participates annually as a speaker at the ITForum in Rimini since the 2010 edition and InvestingRoma and Napoli since the first edition of 2015. He is a guest and market expert on the "Trading Room" and "Market Driver" broadcasts of Class CNBC, Borsa Diretta.tv and on the evening news of Traderlink. Since July 2017 he is a permanent guest on LeFonti.TV, the only weekly national space dedicated to cryptocurrencies alongside the most important international experts in the field. He was interviewed as a cryptocurrency expert for Forbes Italia, Panorama, StartupItalia and DonnaModerna. He was recognized as the first Italian technical analyst to have published the first secular cyclic analysis on Bitcoin. Periodically publishes articles on ITForum News, Sole24Ore, MILANOFINANZA, TrendOnLine and Wall Street Italy. Federico Izzi is... "Zio Romolo".

We use cookies to make sure you can have the best experience on our site. If you continue to use this site we will assume that you are happy with it.