The ETH price is up by 1,000%, giving bitcoin and many other significant cryptos some dust. ETH’s market cap has surpassed $500 billion for the first time.
ETH’s move has been receiving the support of the growing DeFi, which is using crypto and ethereum chains. DeFi has been recreating standard financial services without the need for banks.
It has also created the NFT madness that has seen all manner of virtual media and assets tokenized.
ETH could hit $6000 by the end of 2021, which is around a 15% rise from its current price of $4485 at writing. ETH is doing well, and many investors are foreseeing a possibility of the coin surpassing the pioneering coin BTC.
Ethereum Price Prediction: Technical Analysis
Currently, the Ethereum price chart appears to be making an enormous ascending triangle on the daily timeframe. This is a chart pattern in technical analysis that shows that the price will continue a bullish trend.
Ethereum has been in this pattern since May 2021 till last month, when it reached its all-time high of $4384 again, creating resistance. Before that, ETH had reached $4054, making a double top. However, the resistance line held strong preventing the price from breaking out.
The ascending triangle signal shows a breakout of about 200% – 300% gains. This will set Ethereum at between $6000 and $8000 by the end of 2021. The bulls are proving to have the season. The fundamentals are also insanely bullish.
Ethereum Simplifying Worldwide payments
The Ethereum chain supports the growth and creation of new applications on its infrastructure. The result is much higher using the ether price, with many transactions than Bitcoin.
Despite the recent dip in cryptocurrencies, ETH is still rising. Ethereum and the ETH chain are fueling one another with recent upgrades to the Ethereum system, helping it mount faster and reducing the value of transactions on the network.
Ethereum-based apps are flourishing. The most popular types of these apps are DeFi. These apps have seen over 2,000% growth in 2020, with more than $16 billion in crypto assets being stored in its protocols through the end of the year 2021.
Ethereum represents a proposal that is supporting the future of DeFi. However, many DeFi users remain on the sideline waiting for government controls to be fulfilled.
The most significant upgrade being looked at by investors is EIP-1559, which will improve the transaction fee system used by Ethereum.
With this upgrade, now more than ever, users can send the fee to the network directly without going through the miners. So this will reduce general supply and consequently increase the value of the currency.
Eth Might Outdo BTC Soon
With this trend that Ethereum is taking, it is no wonder when we see ETH overtaking BTC. The Ethereum market cap is currently just $500 billion short of BTC, with the price now rolling at $4559.
2022 might see the coin flying to $15000 per coin. Already the coin has surged over 1500% in the last 12months compared to BTC’s 300%. There is nothing to prevent ETH from passing BTC in the next 5 years. Stick around for more on Ethereum price prediction.