Unlike bitcoin, ethereum is not limited in supply and hence the token is available in abundance for the public. Moreover, currently, it is based on proof-of-work mechanism, but soon the platform will switch to proof-of-stake consensus once ethereum 2.0 goes live.
Will ethereum coin take stride to new all time highs in 2021? On a long-run, ethereum has all the potential to touch even $10,000 mark.
ETHs performance till now
Ethereum, being world’s second largest cryptocurrency, is up by nearly 321% in a year, which is significantly high compared to bitcoin. The global cryptocurrency market cap is hovering around $2 trillion, down by 0.17% compared to the last day. On the other hand, ethereum dominance in the cryptocurrency market currently stands at 20.1%.
Ethereum price stayed firm at $3,000 level for almost a month after breaking the $3,000 resistance level on August 7. This pattern witnessed a breakout on ethereum price in the beginning of September, which paved way for a 20% up-swing that produced a daily close above the resistance level at $3,716. Therefore, crypto investors can expect ethereum to reach new resistance level soon.
As per few crypto experts, this year has been the bullish year for ethereum coin, where it started 2021 trading with $737.71 and surged to $1000 in no time. It then rose to its all time high of $4,380 in May 2021, a gain of whopping 500% in 5 months of time.
The August month was loaded with upgrades that seemed bullish for ethereum. The EIP-1559 was launched on August 5th, 2021 and investors readied themselves for the upgrade and expected price rally pushing ethereum above $2,700 mark.
With further upgrades lined up, mainly the ethereum 2.0, many believe that it might cause the price to rise consistently throughout 2021. However, if ethereum coin manages to surpass bitcoin, it might smash new highs of $4500 to $5000 this year itself.
Price target for 2022
If ethereum meets the expectation about its price, it may start the year 2022 with the same bullish trend. In contrast, if it hits few bottom levels as this year ends, the price will resume being bearish in 2022 and may be seen trading at $2600-$2800 by January 2022.
The price might surge quickly with certain sideways action throughout the year if ethereum might focus more on its scalability, developments and security issues. If the ethereum network successfully upgrades ethereum 2.0 matching public expectations, Ethers price might go as high as $10,000-$13000 in 2-3 years down the line.
