Ethereum, aside from Chainlink, is the best performing cryptocurrency in the top ten by market cap. The top-ranked altcoin has had enjoyed a substantial rebound from bear market lows and surged all throughout 2020 on the heels of the DeFi trend.
But despite the greater crypto market recovery, one crypto analyst sees a bearish Elliott Wave count on Ethereum, that could take the altcoin back to double-digits, and just $20 per ETH.
Easy As ABC Correction: Elliott Wave Trader Targets $20 Ethereum
It sounds far-fetched to think Ethereum could revisit double-digit prices after the recent rise to just under $500 per ETH, but had you told investors that bought the top in early 2018 wouldn’t have expected a four-digit altcoin to fall to just $80.
The drop from $1,400 was eye-opening for anyone that experienced the full force of the crypto bear market. However, the entire cryptocurrency market, Bitcoin and Ethereum included, has had a strong showing in 2020.