The second-largest cryptocurrency by market cap, Ethereum (ETH) has been mirroring Bitcoin’s trade of late. When Bitcoin broke out of its symmetrical triangle range to trade past $11,000, Ethereum also breached past the triangular range pattern it was constricted to set highs of $395. Like Bitcoin, Ethereum saw selling pressure induced by BitMEX charges, President Trump’s coronavirus infection, and the recent OKEx withdrawals freeze.
As the entire crypto market regained stability after a blow dealt by the OKEx news, Ethereum bulls also regained strength to surmount the $380 key resistance level. The significance of the $380 level is seen as that which has determined several ETH trends in the last few months.
Bulls must seek now to flip this resistance into support as a breach beneath this level may pose downside risks for ETH.
ETH/USD Daily Chart
Ethereum (ETH) is presently at $380.
When Is the Best Time to Buy ETH/USD?
A renowned trader and crypto analyst believe the best time to buy ETH is December and January which is also corroborated by history. Historical indications noticed a Q4 Ethereum weakness in most instances to hit bottom lows in December and January, after which a massive rally took place.
Ethereum has been stuck in a bear trend since February 2018, trading beneath its $1,500 ATH. During this period, ETH price remained constricted within the $80 and $300 range. Later on this year, ETH breached past the $300 key level to trade at highs of $488 in August.
If the $300 level stays as support, he postulated the next levels of potential resistance at $600 and $775-$825 implying that Ethereum could surge more than 100% in the next bull run.
Polkadot (DOT) Races Past Ethereum, EOS
Polkadot is the best-performing blockchain in terms of developer activity according to a recent report from Outlier Ventures. It showed that in 2020, Polkadot experienced the biggest upsurge in developer activity, at +44%, racing past Bitcoin, Ethereum, EOS, and a host of others.
Developers’ Activity on Major Networks
Courtesy: Outlier Ventures
The report indicated a general decline in the number of active developers in the year 2020 with Bitcoin and Ethereum recording a nearly -20% drop. EOS saw the biggest decline with a -86% drop in developer activity. This was followed by Bitcoin Cash (-63%), and Tron (-51%).
Polkadot, 8th largest crypto asset, is a blockchain ecosystem created by Ethereum’s co-founder Gavin Wood together with the Technology Director of the Web3 Foundation Peter Czaban and Robert Habermeier in 2018.
Image Credit: Outlier Ventures, Shutterstock