In November, the price of bitcoin renewed its all-time high, breaking through the $ 69 thousand mark. And in general, the market situation is quite positive: the United States approved the first exchange-traded fund (ETF) based on the first cryptocurrency, and payment giant MasterCard announced plans to add digital assets.
These trends are driving the altcoin season to begin soon. And the main one – Ethereum – has already shown impressive results. The growth of the second cryptocurrency began in parallel with Bitcoin. On November 10, the Ether set a new absolute price record: at the moment, the rate exceeded $ 4,840.
Here’s what ETH has achieved recently and what Ethereum’s forecast for 2021 is.
Ether reached its first price peak at the beginning of 2018 – then the cryptocurrency was trading at a price of $ 1,200. However, Ethereum did not last long at this level. For quite a long time, the cost of the altcoin fluctuated in the region of $ 90– $ 300. Everything changed in the summer of 2020 when the cryptocurrency rate went up sharply – and the upward trend in Ethereum continues to this day.
In January 2021, the altcoin had already broken its absolute record, but the Ether did not even think to stop there. By mid-April, the cost of Ethereum came close to $ 2,500. Then the creators of the cryptocurrency carried out a hard fork in Berlin, which is part of the plan to switch to Ethereum 2.0. But the growth continued after the update, and on May 12, the value of the cryptocurrency exceeded $ 4,300 for the first time.
The rapid growth was followed by a period of recession, but in the fall, the ether rate rushed up again – on October 21, it broke the spring record. After that, the price of the first altcoin dropped somewhat, and soon ETH was trading at $ 4,200.
The growth period was again replaced by a short-term fall. By October 28, Ethereum was worth less than $ 4 thousand, but the next day the first altcoin renewed its value record at a level above $ 4 440. After that, a new phase of rapid growth began, which culminated on November 10. Then the cost of ETH was above $ 4,840.
Making a forecast for the ether rate, experts note that further growth of the digital asset is possible. So, Currency.com analyst Rakesh Upadhyay sees the advantage of bull investors:
“The moving averages are sloping up, and the RSI is just below the overbought level, indicating that the bulls are in control. A break and close above $ 4,381.71 could lead to the next stage of the uptrend, which could break the psychologically important price level of $ 5,000. “
Sarah Tren of FxStreet sees the prospects as follows:
“The target price for Ethereum is $ 6,365, which implies a 60% rally. Despite the fact that the two analysis models speak of an optimistic outlook for ETH, the token may face resistance at $ 4,369. “
Ether can be called one of the main contenders for the title of the main coin of 2021 for private investors. At the beginning of the year, analysts believed that this altcoin was waiting for a long-term upward trend. The specialists relied on the announced transition of the network to the Ethereum 2.0 version. As soon as the update is released, it will no longer be possible to mine Ether – it will be possible to receive new tokens using staking. This means that coin holders will receive passive income when their wallets are online.
The transition to the new system, on the one hand, will lead to the fact that investors will buy back some of the coins in order to keep them and receive income.
Analyst of the NewsBTC portal Reinaldo Marquez believes that in a couple of years, Ethereum can be traded at prices ranging from $ 20,000 to $ 40,000.
Cryptocurrency developers are already in full swing preparing to update the network to version 2.0 – so, on October 27, the Altair update will be released. He will make changes to the Beacon Chain, a supporting system that will enable the future merger of the Ethereum network.
Based on the above, we can assume that the price will be Ethereum $ 100,000. This is likely to happen in the distant future.