Ethereum has underperformed Bitcoin as BTC has pushed past $33,000 today. ETH is up 8% in the past 24 hours while BTC has gained over 11%.
Despite the relative underperformance, analysts soon think that Ethereum will catch up to the leading cryptocurrency. Analysts are targeting $800 in the short term as Ethereum moves past key resistance levels around $750.
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Ethereum Could Soon Hit $800
Ethereum could soon hit $800, analysts say. One crypto-asset analyst noted that the cryptocurrency has passed key resistance levels this morning and is thus prepared to move toward $800 as long as BTC holds $30,000. He wrote on the matter:
“Good it feels good to be a gangster, perfect wick down to our possible wick level at $718 and this morning with more power than originally expected… huge morning. Thinking $800 is on the cards in the next 12 hours, if BTC can hold its $30,000 level with confidence.”
Chart of ETH's price action over the past week with analysis by crypto trader and analyst Cactus (@TheCryptoCactus on Twitter). Source Chart from TradingView.com
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Strong Fundamental Trends to Drive Price Action
Andrew Keys, a former executive of ConsenSys and Ethereum investor, says that the leading cryptocurrency is likely to see a strong 2021 due to technical trends:
“On Dec. 1, the Ethereum community successfully launched phase 0 of Ethereum 2.0. The network upgrade from Proof-of-Work to Proof-of-Stake will make Ethereum scale and run faster with less computing power. In 2021, we will see phase 1 of Ethereum 2.0 go live, drastically improving scalability.”
Keys elaborated that he thinks the Ethereum 2.0 upgrade will have enough of an effect on the market to drive the cryptocurrency to $2,000:
“The Eth 2.0 upgrade will catapult the network’s capability and garner even…