Prominent Analyst Expects ETH To Strengthen Up In March

No matter what you are seeing in the latest Ethereum news, there is one fact we all must embrace – ETH did not see a positive 2019 and its entrance in 2020 is kind of weak. However, all of this could change and ETH could initiate a new rally in the month of March, according to a prominent analyst.

The second largest cryptocurrency by market capitalization and the largest altcoin by market cap out there registered a slightly negative performance in 2019, which was starkly contrasted by Bitcoin and its yearly gain of over 90%.

This meant that the market for ETH/BTC fell off a cliff and the price of one Ether fell to as low as 0.016 BTC. This is the lowest the pair had been in years and around 90% below its all-time high well above 0.1 BTC. The prominent analyst called Luke Martin does not expect this strength to last and recently suggested that ETH/BTC is likely to underperform as we move into the month of March.

As we move into March, I am expecting $ETH underperformance.

Alts had a killer start to 2020 but majors are all turned over with momentum lower.

Betting on lower prices for ETH. pic.twitter.com/kNBXGvVxOC

— Luke Martin (@VentureCoinist) March 1, 2020

Known for his CNN-featured work, Martin is an industry podcaster who recently explained that he is “expecting ETH underperformance” as the crypto market moves into March. As to why he thinks this is the case, he shared a chart where he accentuates that Ethereum’s momentum has clearly started to turn bearish after last week’s price action.

The trend reversal, as his chart depicted, is likely to bring the ETH/BTC pair down by 10% lower in the coming weeks to 0.0218 and 0.0223 which is a historical zone of crucial resistance that should theoretically act as support in the coming weeks.

Moreover, the chart shared by the prominent analyst is not the only one in the crypto news that shows ETH bulls may be in for a tough time. It is the fundamentals of ETH, too. As many commentators said before, hacks, errors and glitches which happened in the ETH ecosystem can all show that Ethereum’s “killer use case” as some dubbed it in the world of blockchain finance, is not actually killer yet. Adoption needs to happen, and it is right now the thing we all expect for a more positive price action.

The price of Ethereum (ETH) today is at $221.14 with a small incline on the upside.