‘Significant’ Ethereum Rally Signals New Altcoin Season — Peter Brandt
The strong performance of alternative cryptocurrencies in recent weeks coincides with an Ether rally and the expectation that upcoming network upgrades will solve the scaling issues that plague the network during peak transaction phases. In the past week Cardano (ADA), Kyber Network (KNC), Compound (COMP), and Chainlink (LINK) four major altcoins recorded substantial gains against the U.S. dollar, Bitcoin, and Ether.
Some traders predict the Ether rally will continue in the third quarter of 2020 due to a favorable market structure and currently the altcoin is testing a significant multi-year resistance level at $250. Traders are seemingly optimistic on the near-term trend of Ether as the altcoin has weakened a key resistance level with multiple retests.
