Ethereum (ETH) Could Continue With Its Bullish Move

Spread the love

Ethereum (ETH) could continue with its upward move. According to the Executive Director of CEX.IO, Konstantin Anissimov, it is reasonable to expect the smart-contract leader to continue its bullish move. This comes after some weeks in which Ethereum and Bitcoin (BTC) are trading sideways. In addition to it, he believes that it is possible for Bitcoin to become the “most lucrative asset of 2021.”

Ethereum Could Move Higher

Experts believe that it may be possible for Ethereum to continue moving higher in the future. Ethereum is not even halfway to its current all-time high. This is taking into consideration that the highly anticipated Ethereum 2.0 launch has shown it is ready to start working.

During a conversation with UseTheBitcoin, Anissimov explained how behaved during November. He showed that it opened the month of November at the 0.618 Fibonacci level at $389 and then tested the 50-day SMA at $371. However, at the end of November, it moved towards $622 per coin.

RECOMMENDED READ:  Bitmain’s Cofounder Accused of Hindering Next-Gen Bitcoin Mining Rig Shipments

The gains experienced by the digital currency during November were, fortunately, corrected. ETH fell, as the entire crypto market, between November 25th and 26th. However, it rapidly recovered previous levels and it was able to close the month at around $615.

Ethereum ETH/USDT Price
Ethereum ETH/USD Price

About Ethereum, Anissimov stated:

“Considering that ETH/USD is not even halfway to its current all-time-high, it could be reasonable to expect the smart-contract leader to continue its bullish move. However, one should be cautious investing in Ethereum, since it has not been enjoying the institutional demand that has been in place for Bitcoin in 2020 and is more subject to market manipulations.”

At the same time, he talked about Ethereum 2.0 and its official launch. He mentioned that it finally played its positive role for Ethereum’s market position and it will continue to provide buying stimulus for ETH in the future.

Bitcoin Moving Higher

Bitcoin, instead, has been traded very close to its all-time high. According to Anissimov, bearing in mind we are still under the influence of the COVID-19 pandemic, Bitcoin could become “the most lucrative asset for 2021.

RECOMMENDED READ:  Bitcoin no longer reflects "digital assets investable universe"

It is worth taking into consideration that Bitcoin has gained a reputation of a trustworthy asset. High-net-worth individuals seem to be very bullish about the future of Bitcoin. Some large investors such as MicroStrategy are placing their funds in Bitcoin. If this trend continues, we could surpass $20,000 in the near future.

 250 Interactions,  2 today

READ ALSO:
How the competition between Ethereum  and  Bitcoin as a store of value is shaping up

Ethereum's stock has risen by more than 8 percent in the last 24 hours and is now traded above $1,500. Read more

How Ethereum whales’ movement is impacting its price

Ether's worth has shifted quickly over the last 24 hours. After a breach of more than $1,500 in the late Read more

On-chain data shows how soaring gas fees could set Ethereum back from competitor

Critics believe Ethereum's rising gas charges would force the project to fall prey to its rival blockchains, but on-chain evidence Read more

Leave a Reply

Your email address will not be published. Required fields are marked *

Contact Us