Ethereum can rise to $800 in 2020 if this bull 'mini-cycle' repeats

A similar approach and analysis can be made for Ethereum's Ether, which is outperforming BTC year-to-date, as the majority of its impulse upward moves have corrected heavily to retest previous resistance levels.

300 resistance zone could very likely be the support level.

The crucial question in this regard is at which level can a higher low be established? The most profound answer to this question is the previous resistance at $300 becoming support.

Even if the $300 level doesn't support, the 200-week MA at $220-245 can sustain and confirm the higher low.

The $300 level already held as support, increasing the likelihood of Ether holding above this level.

If the $300 area sustains support, new resistances and levels can be defined through horizontal price levels and the Fibonacci extension tool.

This would mean that Ethereum could surge more than 100% in the next impulse move, driving the markets to the next level.

If Ethereum 2.0 gets released, the strength will only increase, indicating that the second level has been most likely reached.

The daily chart of ETH/BTC is showing clear support at the 0.03 sats level.

Traders should watch 0.026 sats if the level of 0.03-0.031 sats is lost for support.