Ethereum lagged behind Bitcoin as BTC pushed past $ 33,000 today. ETH is up 8% in the past 24 hours while BTC is up over 11%.
Despite the relative underperformance, analysts soon believe Ethereum will catch up with the leading cryptocurrency. Analysts are targeting $ 800 in the short term as Ethereum crosses key resistance levels by $ 750.
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Ethereum could soon hit $ 800
According to analysts, Ethereum could soon hit $ 800. A crypto asset analyst noted that the cryptocurrency passed key resistance levels this morning and is therefore poised to move to $ 800 as long as BTC holds $ 30,000. He wrote on the subject:
“Well, it feels good to be a gangster, a perfect wick up to our possible wick level at $ 718, and this morning with more power than originally expected … a huge tomorrow. It’s all down to $ 800 over the next 12 hours if BTC can hold its $ 30,000 levels with confidence. “
Chart of the price development of ETH in the past week with analysis by the crypto trader and analyst Cactus (@TheCryptoCactus on Twitter). Source chart from TradingView.com
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Strong fundamental trends to drive price movement
Andrew Keys, former CEO of ConsenSys and Ethereum Investor, says the leading cryptocurrency is expected to have a strong 2021 due to technical trends:
“On December 1st, the Ethereum community successfully started phase 0 of Ethereum 2.0. By upgrading the network from proof-of-work to proof-of-stake, Ethereum is scaled and executed faster with less processing power. Phase 1 of Ethereum 2.0 will go live in 2021 and will dramatically improve scalability. “
Keys explained that he believes the Ethereum 2.0 upgrade will have enough impact on the market to boost the cryptocurrency to $ 2,000:
“The Eth 2.0 upgrade will catapult the performance of the network and attract even more attention from companies and institutional investors, driving the price of the etheric currency to new levels.”
He believes technical trends and general macro trends will push the value locked in DeFi to $ 150 million. He anticipates that Bitcoin and other blockchains will pour a large amount of capital into DeFi via cross-chain solutions like RenBTC and tBTC.
This should increase potential returns in the DeFi space, which should help Ethereum.
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Featured Image from TradingView.com’s Unsplash Chart Price Tags: ethusd, ethbtc Here’s why analysts believe Ethereum will soon move towards $ 800