Bitcoin has been in the spotlight for good reason. Its daily price breakout has the market excited and more recently, the leading cryptocurrency re-tested previous resistance and broke a new all-time high of $ 41,000. Alongside Bitcoin is the second most valued cryptocurrency by market capitalization, which is poised for a bullish explosion in the coming weeks. Ethereum's ETH, like BTC, has been poised for a breakout in price since last year. At the time, fundamentals were the most suggestive of the bull run and now analysts are reiterating that ETH is already well-positioned to soar for the moon.
At press time, Ethereum is trading at $ 1,060, more than a 2% decline from its all-time high of $ 1,300. Ethereum has faced multiple rejections in the $ 1,300 zone as selling pressure intensifies. The selling pressure yesterday sent BTC and ETH into a downward correction, but the bulls were quick to control and absorb the selling pressure.
Both assets subsequently proceeded to regain new highs, and for Ethereum, gaining enough momentum to break above the $ 1,300 resistance level could send it to new highs of $ 2,000, based on analyst predictions. In the short term, Ethereum bulls may have to fight the selling pressure until the breakout is achieved and sustained. Once successful, this trader claims that prices could hit $ 2,000 and go even higher. Explain this via Twitter saying;
$ eth on a macro timeframe is mega bull bull bull imo.
monster extended w3 probably underway, with each leg up extending again.
there’s no doubt in my mind that it trades at all time high this year probably much sooner than i have it showing. pic.twitter.com/WmtOpo3FxD
– 👨🌾Yearning 4 Bluntz👨🌾 (@SmartContracter) January 8, 2021
Ethereum futures have also fascinated analysts, especially with the growing investment interest in ETH futures that was reflected in the reception of their debut on the Toronto Stock Exchange. DeFi is also gaining ground with many bullish potential acquisitions and, like last year, ETH is likely to benefit even more from DeFi's rising value. Bitcoin investor and YouTube content creator Lark Davis noted this earlier, adding that ETH had the potential to hit a $ 10,000 floor price.
“Ethereum futures are coming soon, Grayscale is already seeing investors eth first / eth only, occ stablecoins green-lit, eip 1559, layer 2, defi. yes, ETH will reach at least 10,000 ″.
He added that the incoming altcoin pump after the bull rally could be the most record-breaking the market has ever seen.
– Lark Davis (@TheCryptoLark) January 8, 2021