KEY POINTS

  • Ethereum targets $300 once it passes $280
  • Most cryptos were in the green on Wednesday's trading
  • ETH bull move on Wednesday came as a surprise and was attributed to reports of a JP Morgan merger

It's only the second month of the year, and the most popular altcoin Ethereum (ETH) has already surged 92%, outshining Bitcoin (BTC) that appreciated 41.8% so far.

Ethereum's current pace is a turnaround from how it shed off all its gains last year, and it's very close to how much Bitcoin accelerated in all of 2019. Plenty of analysts consider February to be the turning point for ETH to advance more gains and that seems to be on point so far.

The next resistance level for Ethereum targets $280, and it couldn't break past it yet from Wednesday's trading. But at this current price, some price analysis for ETH eyes a retest at $280 that once breached will open up $295 and $300.

The rest of the cryptocurrencies are also mostly green as of Wednesday, based on Coin360's daily price chart, purveying a bullish climate for cryptos. Former eToro analyst Mati Greenspan affirmed this on Wednesday by tweeting: "#RagingBullMarket #altseason2020."

With five straight days of continuous bull moves the week before, some believe that a pullback would be necessary to keep the trend healthy. Trader Bleeding Crypto tweeted on Wednesday, "Market continues to put in green after green after green, but this is not sustainable."

"Corrections are necessary/healthy. I am looking for a possible correct here but FOMO might take her up as high as the 100EMA on the weekly ($285) We will have to see," the tweet continued.

Bleeding Crypto's chart indicates that price may drop due to profit-taking once it completes the Fib Extension that extends to 1.618 Fibonacci level, which is around $243 at that time. However, the market did shoot higher Wednesday and went past the price target of $270 that Horus Hughes of Cointelegraph estimated.

Wednesday's surprise move was attributed to reports that JP Morgan would be merging its Ethereum variant Quorom to blockchain software company ConsenSys. The move is deemed positive for Ethereum because it asserts its utility in the more traditional finance spectrum, and it also proves how its technology is being pursued in exploring new opportunities. The formal announcement of that merger is said to be within six months from now.