Ethereum is having an astounding rally in 2020, leaving Bitcoin in the dust with more than 250% increase in just a year — a feat nothing short of a miracle.
While many expected Bitcoin to be the frontrunner this year through its third Bitcoin halving, the emergence of decentralized finance (DeFi) became a dark horse that continues to leave many crypto bears and detractors dumbfounded.
Along with the 2020 ETH bull run is the increase of gas fees, partially caused by DeFi transactions. While the miners are making big profits from the event, the network scalability becomes an inevitable hindrance to the coin’s momentum.
Taking all of these things into consideration, is Ethereum still a good investment in 2020? Will DeFi continue to pump more money and hype to the network? What will happen to Ethereum in 2020?
Let us take a close look at the charts in this CryptoNewsLand price analysis.
ETH/USDT daily ALMA and MACD (Source: TradingView)
Crypto traders looking to buy ETH in the following days may opt to wait until a correction has taken place. As of the moment, ETH has undoubtedly broken through the $400 resistance level, and has even turned it into support. It will have an opportunity in the next coming days to test the $500 resistance, which many believe it will succeed at.
Source : CoinQuora
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