Outlook for Ethereum

Posted on February 15,2021 by bestbrokerAdmin

Ethereum has been on an explosive rally ever since it broke a long-standing resistance level of approximately $385 back in November of 2020, having spent a good few months in an accumulation zone around that price point. Since then, it has blasted past it's previous all-time high and gone on to set a new all-time high @ $2,046.

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Sounds impressive, right? It is indeed impressive, however one could argue that Ethereum continues to underperform against Bitcoin when one considers that Bitcoin has gone on to almost triple its previous all-time high of roughly $20,000, all the way to the dizzying heights of $58,372! It is well known that Bitcoin is the grand-daddy of Cryptocurrencies and the expectation, therefore, is for Bitcoin to pave the way for the rest of the cryptocurrency market. It is also well known that Ethereum is closely correlated to Bitcoin and tends to follow the same patterns whether that be to the upside or the downside. Can we expect Ethereum to emulate Bitcoin's percentage gains in the near future? It's the question on every "coiners" lips.