Ethereum (ETH) Set To Break Key Resistance At $150, Can Bulls Retake $200?

  • Ethereum (ETH) on the verge of $150 USD breakout.
  • Short timeframe (TF) charts signals a possible push to $200 USD key resistance area.
  • Ethereum 2.0, Serenity update set to launch in 2020, ConsenSys founder says

The start of 2020 has been gracious to Ethereum bulls as the coin experiences gradual growth towards the psychological $150 USD level. Bitcoin’s spike in price over the course of 2019 – over 100% growth – did not inspire an “altseason” with top altcoins such as ETH and XRP ending the year at a loss. However, the former has shown steady growth over the past fortnight, growing over 14% to trade at $144.50 USD as at time of writing.

The gradual rise in ETH has set the price on the verge of breaking the 4-hour chart key resistance at $145.93 USD, a move that will set the bulls on an upward momentum. One cryptocurrency analyst believes the smart contract token will appreciate to $200 if price breaks resistance.

Ethereum on the verge of $150 break out

Looking at the short timeframe charts, the price of ETH/USD is on the cusp of a breakout above the key resistance at $145.93. The relative index has oscillated over 50 in the past few trading sessions with a bullish projection towards the overbought levels. A break above resistance will effectively usher in an upward momentum on ETH/USD towards the upper resistance levels at $160, $180 and possibly $200 USD.

Bulls defying the market’s gravity by setting higher lows and higher highs on the ETH/USD pair has seen the price settle between $141 and $145. Can bulls push price towards $200 USD?

A $200 USD possibility?

Ethereum needs to grow by about 40% from current prices to have any chance of hitting $200 in the near term. As alluded to earlier, crossing over the key resistance at $150 USD will be key to start a push towards higher trading levels. Furthermore, the launch of Ethereum 2.0, the Serenity upgrade is very likely to be launched this year which strengthens the fundamentals of the token.

According to ConsenSys co-founder, Andrew Keys the upgrade of the network towards a Proof of Stake (POS) consensus will kick off before the end of the year. In a published post on ConsenSys network, Keys said,

“2020 will see Ethereum move stridently beyond Phase 0 of Ethereum 2.0, onto Phase 1 and the launch of shard chains.”

A launch in 2020 will be a very bullish move as the timeline for the launch of Phase 1 moves up from the expected 2021 launch date. This said, the market prospects of Ethereum looks very steady and a breakout to $200 USD cannot be ruled out.

Image from TradingView

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