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$ 500 for Ethereum in 2020: why are traders confident about the continuation of the bullish ETH rally?

In the past few days, Ethereum’s trend has been more bullish than BTC: over the past 7 days, the ETH rate has risen by 24%, while the leading cryptocurrency has risen in price by 16.5%.

On the night of July 30-31, an annual high of about $ 340 was set (ETH was last traded at such a high level in June 2019). After that, there was a short-term correction, as a result of which the main altcoin depreciated by 3.5%.

Buyers activated again this morning, pushing the rate towards $ 338. Technical analysts suggest that the rally may continue after a short consolidation. According to the latest forecasts, in the short term, Ether may reach the $ 400 mark, and in the medium term, it may test the psychological $ 500 level.

Ethereum leads BTC again

Ethereum is currently trading at $ 344. Despite the short-term weakness that the asset showed after testing the annual high, the prospects for the main altcoin from a technical point of view look optimistic.

Moreover, as has happened more than once in history, Ethereum is the first to start a stronger rally, after which the bullish momentum is intensified in the market of the leading cryptocurrency.

Trader Josh Rager noted today that “ETH is leading BTC again …”:

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The analyst believes that in this case, the Bitcoin rate may soon reach $ 12,000.

On the short term, Rager said yesterday that “ETH looks good on a 2-day chart”,and a close above the marked level will catalyze the rise to $ 400:

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Today the trader updated his forecast:

After closing above the long-term support resistance level, ETH may head towards $ 365 on the 2-day chart.

And then above $ 400 … that means altcoins may rally and BTC dominance will fall.

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Ethereum mid-term predictions are even bolder

With regard to the longer-term outlook for Ethereum, some analysts are already announcing a possible $ 500 mark by the end of this year.

In particular, the well-known trader TheCryptoCactus came to this conclusion after analyzing the ETH weekly timeframe. According to the analyst, the decisive bullish factor that changed the market structure of the altcoin was the confident overcoming of the historically important resistance area between $ 280 and $ 300 within one week:

This is the most bullish weekly chart I’ve ever seen … To be honest, I think that by the end of the year we will see $ 500 [for 1 ETH].

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