Ethereum is over 208% away from its all-time high and could double in price to $800.
Ethereum can break $800 in 2020 as it reaches new all-time highs and indicate a continuation of the bullish trend for ETH.
The crypto market has had a week of profits. Ethereum and Bitcoin lead the chart with 14.49% and 12.72% respectively. During the year, ETH has had a gain of 250% and BTC of 115%. However, ETH can break $800 in 2020 as it quickly approach its all-time high as the year ends. The launch of phase 0 of Ethereum 2.0 will be the catalyst.
At the time of publication, ETH is trading at $453 with gains of 2.23% in the last 24 hours and 23.76% in the last 30 days. The cryptocurrency has come a long way since the beginning of the year when it was traded below $100.
The beginning of its transition to a consensus protocol based on Proof-of-Stake seems poised to produce a supply shock in the market that will have a positive impact on its price.
In that sense, trader Josh Rager has indicated that ETH has plenty of room to grow from this point. In the next few months, ETH can break $800 in 2020, according to Rager:
Let’s put this in perspective. BTC is currently only 26% away from its all-time high. ETH, on the other hand, is currently over 208% away from an all-time high price.
Recently, ETH been outperformed by BTC but now looks quite bullish and has a lot of space to pump and catch up.
Upon review Ethereum’s fundamentals, it is possible to find support for Rager’s bullish prediction.
Glassnode data indicates that the mean hash rate for Ethereum in the last 24 hours has reached an all-time high of 259 T/hashes per second. Since the end of October, Ethereum has been setting new records in this metric