Home Ethereum News Ethereum, Too Starts Following the Bitcoin Way of Moving Up!

Ethereum, Too Starts Following the Bitcoin Way of Moving Up!

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Crypto News

On a usual day, there seems to be no competition between Ethereum that works on smart contracts, and planning its shift from Proof of Work to Proof of Stake is the closest competitor to Bitcoin’s market-dominating stance carried over for an entire decade. Wondering how? Well, the real value of Bitcoin is only the first functional and widely accepted cryptocurrency that intends to replace the fiat currencies and create its dominance.

On the other hand, we have ETH, which despite working on the Proof of Work concept, has laid the foundation of smart contracts and compliments hundreds of fresh blockchains on its network. Moreover, there are a large number of ERC – 20 tokens dominating the NFT market. Being the first cryptocurrency that offers a real-life use case, secure network, and supports other cryptocurrencies, we can only expect the rising inclination towards the safety and security offered by cryptocurrencies to benefit the ETH network.

ETH, despite being at number two, has rallied similarly close to 57% since September 29. Offering a real value use case alleviates ETH’s possibility to become the number one. It would take at least five years for that possibility even to carry some scope of possibility.

Ethereum Price Analysis

ETH has finally overcome its previous resistance of $4000 has moved towards a bigger rally. So far, the price action seemed limited within a narrow range of $3000 to $4000, but following the buying trend seen in Bitcoin has seemed to ignite a fresh buying spree in the number two cryptocurrency. Further price action should be fascinating since it will be the first consecutive breach of an all-time high in six months; one ETH crosses $4382 on a closing basis.

Ethereum Too Starts Following the Bitcoin Way of Moving UpThe resistance of $4000 was a known level even before Ethereum attempted the level in May 2021. Subsequent rise and fall have finally helped ETH breach the $4000 level on a momentary basis, marking a high of $4032 on charts. Fast forward a month, and we witnessed another 30% fall and a 60% rise within fifty days. If that doesn’t sound exciting, maybe the next analytic information will.

Since the price of Ethereum is close to breaking its all-time high level and has already breached the psychologically stronger resistance level of $4000 with a single green candle, based on the complete Ethereum price prediction, we should expect similar price actions to continue. Combining the real-life application of ETH and the trends of support and resistance on its chart, one should expect Ethereum to target a $5000 level before the end of 2021.

Even though $5000 is barely 20% away from current levels, one must remain vigilant of consolidating in the price charts. Considering the buying strength, ETH might just hit $4400 today. The 200 DMA curve has also started moving towards higher levels indicating a positive movement in the last 200 days. Coming to technical indicators, RSI has reached overbought levels, where most of the people are buying this digital asset rather than selling it.

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