Ether (ETH) crosses the $ 700 mark for the first time in over 2 years – a simple introduction but one that reflects the beautiful shape of ETH in 2020. Bitcoin (BTC) has started a bullish rally since October 2020; its price is currently above $ 29,000. Ether could also have a bull run in 2021; bulls can count on ETH2 and a potential entry of institutional investors into the markets to help them in their race.
Halfway to a new ATH
The course ofETH recorded a significant increase on December 27, 2020, crossing the $ 700 mark for the first time since May 2018. In a matter of hours, the price ofEther increased from $ 624 to $ 718.
TheETH However, it is only halfway through its all-time high of $ 1,448.
Analysts Santiment indicate that the balances of minors on the exchanges are at their lowest level for 2 years.
The offer at the exchange level continues to decline. These 2 indicators point to a decrease in selling pressure, and argue in favor of a bullish rally.
They want Bitcoin and Ether
Trading volumes on many exchanges saw a slight uptick in the last 7 days leading up to the USD 700 breach.
Data from CoinDesk 20 indicate that the transactions ofETH amounted to 2.3 billion compared to 2.175 billion for the previous period.
2 main factors are believed to be behind this rally: the solid technical structure of the market and the announcement of the launch of derivatives ETH on the Chicago Mercantile Exchange (CME) for January 2021.
Some analysts estimate that in 2021, demand from institutional investors for Bitcoin could lead to increased demand forEther.
Ether should have a good year 2021 with many levers supporting the rise in its price. The launch of CME derivatives could draw the attention of institutional investors to ETH, so Bitcoin will no longer be the only one in the spotlight. Although the actual deployment of ETH2 may still take a few years, the launch of the beacon chain in early December 2020, and the possible release of important new features in 2021, may increase investor enthusiasm for ETH2 staking – with 2 million ETH already blocked. Bitcoin would be gone for 100,000 USD in 2021, ETH could take the road to a new ATH.
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