A majority of investors think Ethereum will end 2020 above $500: VC poll

Ethereum has slipped lower over the past 10 days as legacy markets have also dropped from their highs.

Even after a 15% bounce to $360, the leading cryptocurrency is currently over 25 percent from the year-to-date highs of $490. Some commentators have asserted that this clear rejection is a sign that Ethereum will return to a bear trend.

A majority of investors remain optimistic about ETH's prospects.

A poll conducted by a top analyst and venture capitalist in the crypto space suggests that a majority of investors think Ethereum will finish the year 2020 above $500.Where will Ethereum end 2020 at?

Chris Burniske - partner at Placeholder Capital and a former crypto-asset analyst at ARK Invest - recently posed the following question to his followers to conduct a poll: Where is ETH by the end of 2020?

A majority, over 63 percent, indicated that they expect Ethereum to reclaim the key $500 resistance by the end of the year.

For Ethereum to hit $500 by the end of the year, it will need to rally around 40 percent by the end of the year.

Simultaneously, a majority of his followers indicated that they expect Bitcoin to end 2020 above $12,500.

ETH ending the year above $500 and beyond is dependent on Bitcoin's price action as the leading cryptocurrency dictates the directionality of the cryptocurrency market.

"Return to Decisive Support Zone - Some overdue mean reversion in the stock market is pressuring most assets, but we expect gold and Bitcoin to come out ahead in most scenarios. Declining equity prices encourage more monetary and fiscal stimulus".