ETH price only has a 7% chance of seeing any type of intense parabolic rally before the end of the year

By Selena On Jun 23, 2020

ETH price has been moving very close to Bitcoin for days and weeks. However, this sideways transaction did little to reinforce the case of ETH’s price rise.

ETH/USD 4 hours chart | Source: Tradingview

ETH price able to post some upwards momentum over the past day

According to Skew, the probability of ETH rising to $ 480 by the end of this year is 7%, the medium-term outlook of ETH price may not be too bright. Ethereum has formed a relatively wide trading range over the past several days and weeks, struggling to garner any decisive momentum as it trades between $ 230 and $ 255.

Probability of ether > $480 (+100%) by End of Year = 7%

Stable coins and DeFi seems like a more sustainable product / market fit for Ethereum compared to ICOs in 2017 but the market doesn’t see it (yet?) necessarily as adding as much $ value for ether pic.twitter.com/CCDh0fnfTA

— skew (@skewdotcom) June 22, 2020

Earlier this week, cryptocurrency sellers tried to push ETH below the lower boundary of this trading range. Now it looks like the technical situation of cryptocurrencies is still weak.

In addition to witnessing the rising stablecoin release, the DeFi ecosystem also appears to have had a large growth recently, spurring a significant number of users and utilities for ETH. Despite this fundamental strength, Ethereum does not seem to have any chance of strong growth by the end of this year.

Ethereum kept stable as DeFi boomed

Ethereum’s price action remains strongly correlated with Bitcoin and the synthetic cryptocurrency market for days and weeks. This stability has occurred even though ETH is very strong basically due to a large number of users and utilities.

Some investors have scratched their heads on why ETH’s price action is not affected by the massive growth of the DeFi ecosystem that is largely built on Ethereum.

>$500 mln in market cap was created in the last 5 days for $COMP. Given the negative funding rates on @FTX_Official, I assume that these guys are not looking to HODL $COMP but more towards locking in yields. Expect a small pump in #ETH & #BTC when it all comes crashing down.

— Theta Seek (@thetaseek) June 22, 2020

However, according to cryptocurrency analyst Theta Seek, ETH could see some upwards momentum once investors begin cycling profits out of DeFi tokens like COMP and into Ethereum and Bitcoin.

You can also check Ethereum Price here.

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