Expert market analysts are of the opinion that Ethereum prices will continue to rise for three major reasons. Judging from the current trend, analysts say that promising future premium, considerable spot volume of ETH and traders continuing to buy dips are all reasons that indicate the price surge of Ethereum has not come to an end yet.
The last week has not been a favorable time for ETH investors. There was a steady dip in the price of Ether that reached the low point of $1,040 on the 22nd of January. The decline in Ethereum prices show that there has been a 27% dip within a span of three days.
There was a $600 billion worth of ETH contracts liquidation following the massive correction. However, that is not the end of the Ethereum price surge. ETH prices followed a steady growth pattern alongside Bitcoin, the most popular cryptocurrency.
Ethereum Gaining More Financial Momentum Than Bitcoin?
2020 saw a massive shift and mainstreaming of the cryptocurrency market and trading. Starting from individual traders to institutional investors started their share of investment in this market. This developed as an alternative backup option as the value of Dollar took a hit owing to the coronavirus pandemic.
ETH and BTC along with other stable coins and alt coins started their journey towards record highs. And even with Bitcoin prices trading downward, Ethereum value continues to look positive, analyses experts.
Many are of the opinion that this digital coin will become the main asset for investors in 2021 as the potential for ETH exceeds that of Bitcoin currently. The currency is gaining more financial momentum as its demand among developers is increasing.
To look into the technical details, ETH blockchains have growing transaction values and so on. Moreover, trends in exchange wallets show that Ether is becoming the eye of whale accumulation. With these reasons in mind, analysts opine that Ethereum is on track to cross record-highs like $2000.