Ethereum hit a dramatic high at $ 490 in August – and then crashed.
The coin is currently trading for $ 370 – 25% below those highs. Analysts believe Ethereum could shoot higher soon as the macro trend remains bullish.
ETH will have to maintain a crucial support level in the range of $ 300 in order to then decisively break the previous year highs around the highs of $ 400.
In addition to the technical analysts, the institutions are also becoming bullish.
Grayscale Investments recently revealed that it has accumulated 2% of all bitcoins in circulation.
Ethereum could shoot towards $ 600-700 – that’s why
Analysts believe Ethereum is well on its way to skyrocketing to $ 600-700 in the months and years to come – as long as it has crucial support near $ 300.
The head of technical analysis at Blockfyre, a crypto asset research company, explains the following on the subject:
„ETH pricing. 2021 It’s obvious that only the patient will win, but there are trades in it … $ 700 probably isn’t that far away. Eth 2.0 Phase 0 within a week could be one of many bullish catalysts, although I just don’t think it looks as bullish as BTC. I refuse not to have it in my portfolio. It is the lifeline of the Alts and has massive changes ahead of it. „
This bullish sentiment is shared by other analysts.
An analyst explains that macro analysis of Ethereum suggests that as long as the $ 350 is held, the coin will double to $ 700 over time.
Institutions accumulate ETH en masse
There is an institutional aspect to the ongoing Ethereum market trend that increases the chance that the asset will move up.
Barry Silbert, Founder and CEO of Digital Currency Group, recently announced that Grayscale Investments now owns 2% of all Ethereum. That means the company owns $ 800 million worth of coins, or about 2.2 million ETH.
So institutions are piling up Ethereum as the decentralized finance (DeFi) revolution continues. Spencer Noon, Head of DTC Capital, on the subject:
“I read about #DeFi after talking to institutional investors, fund managers, OTC desks and FOs over the past few weeks: The Herd is Coming. They are enthusiastic about DeFi, but new to it, so they buy $ ETH first. “
Analysts believe that continued institutional ETH investments will drive prices up dramatically.