As Bitcoin climbed on February 12, many altcoins retreated in their BTC pairs, but Ethereum maintained its upward momentum with a notable 14.3% gain. This marks the second time in two weeks that Ether (ETH) has hit a new yearly high, soaring from $217.83 to $253.79.
Key Market Trends
- Ethereum's Rally: ETH peaked at $1,300 in late 2017 before declining, with its 2019 high at $364.
- 2020 Performance: Bitcoin rose 47.86%, ETH surged 92.39%, and XRP rebounded 53.29% year-to-date.
- ETH/BTC Ratio: ETH's value recently reached 2.3% of BTC's price—the highest since July 2019 (2.5%), when ETH traded at $364.
Bullish Momentum
Traders are targeting:
- Initial profit level: $240 (previously identified).
- Next resistance: Breaking above $270 could propel ETH toward $280, with a stretch target of $300.
Technical Indicators:
- RSI: At 84 (overbought), signaling strong buying pressure.
- MACD: Rising histogram bars indicate increasing momentum.
Potential Pullbacks
If momentum wanes:
- Support Levels: $227 (23.6% Fibonacci), $230 (moving average/VPVR high-volume point).
- Stronger Supports: $226 and $222. A drop below $210.66 (lower Bollinger Band) might test $191.61 (61.8% Fibonacci), though this scenario seems unlikely given current bullish trends.
FAQ
Q: Why is Ethereum outperforming Bitcoin in 2020?
A: ETH's 92% surge reflects stronger altcoin demand, DeFi growth, and technical breakouts.
Q: What’s the next key resistance for ETH?
A: $270–$280 is critical; a clean break could open a path to $300.
Q: Is Ethereum overbought?
A: RSI suggests yes, but sustained volume may delay a correction.
👉 Explore real-time ETH price trends
Sources: CoinMarketCap, Skew Analytics. Original analysis compiled from industry reports.
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