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cryptocurrency January 23, 2020

It is a great time to speculate prices in the digital asset industry with the apparent presence of bulls in the market.

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January 2020 catalyzed the dormant markets, and the curiosity of various analysts was piqued, on whether the current momentum would persevere over the next few weeks.

Ethereum’s valuation surged past $160 mark on 14th January. The 2nd largest asset has been able to consolidate over the past 8 days, marking a positive period for the asset. The bullish sentiment has been acknowledged by popular traders as well.

GalaxyBTC, a popular analyst, recently spoke about the parabolic trend followed by Bitcoin and he suggested that Ethereum could follow the same path as well.

Source: Twitter

The trader suggested that Ethereum is weeks away from breaching a long-term downtrend that may have bullish implications on its price. The trader indicated that if the trend is overturned, Ethereum may attain a $200 valuation by the end of February and if it continues to march above, there is a possibility of reaching $850 by August or September.

A similar trajectory was projected by SatoshiFlipper as well. The altcoin trader believed that Ethereum would mirror a similar hike of 2019 and the price would reach $335 by the summer.

The above analysis is constructive but a lot would depend on Bitcoin’s performance as well. Ethereum and Bitcoin have shown a strong correlation index since 2018, which is not likely to change in the current market.

Ethereum’s consolidation can prove imperative

ETH/USD on Trading View

Ethereum’s hike on 14th January recorded an 18.88 percent rise, which was followed by a consolidation period of 8 days. Last year, a similar spike of 21 percent was seen on 18th February, following which the market consolidated again.

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Since the market is usually susceptible to an earlier trend path, the price-performance of ETH from hereon can most probably undergo another spike due to the healthy consolidation at the moment.

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