mido-finance.com
  • According to Messari analyst Ryan Watkins, Ethereum will attract as many institutional investors in 2021 as Bitcoin did in 2020 and this could result in new all-time high for ETH price.

    Ethereum’s price performed well in 2020, driven mostly by the launch of ETH 2.0 Phase 0. According to Watkins, 2021 could even outperform the previous year, as ETH was able to overcome important resistances levels and thus has a strong starting position. Moreover, Ethereum could have a similar appeal to institutional investors in 2021 as Bitcoin did in 2020, which could act as a strong catalyst for ETH and send the price toward a new ATH, Watkins said. He noted:

    “2021 prediction: In 2021 we begin seeing institutions buy ETH Once you accept that Bitcoin may be valuable, it opens your mind to the possibility that other cryptoassets may also be valuable. It’s a much easier jump from BTC to ETH from there.”

    Additionally, Ether futures on the Chicago Mercantile Exchange (CME), which are set to launch in 2021, will be a strong boost for the crypto market, Watkins noted:

    “CME futures is the writing on the wall. They wouldn’t launch an ETH product if there wasn’t any demand for it.”

    Technical analysis supports bullish scenario for Ethereum

    Prominent trader “Cactus” is also bullish on Ethereum, noting that the fundamentals for Ethereum look strong. He believes there are no resistances either strong to prevent a new all-time high in 2021:

    “This chart nearly 2 months old now, feel fun tracking this and watching PA play out of the macro term, very bullish going into 2021. Expecting ETH to break ATH next year… Current macro trend I see no reason to be bearish and honestly I feel very bullish HTF.”

    The founder of Ethereum predicts transition to new decentralized financial system

    The founder of Ethereum, Vitalik Buterin, is also optimistic about the future and is proud of the milestones Ethereum has achieved so far together with the community. He thinks there will be basic changes in how the future of the economy works. Until Currently, the focus of market activity has been on physical products that could simply be “transferred, bought and destroyed.”

    In the realm of the Internet, however, “public products” will play a key role in the future and market conditions as well as rules will change basically. Digital products or assets like Ethereum are subject to other influences and complex mechanisms, so according to Buterin, a transition from the old financial system to a new decentralized and fair system is currently happening:

    “In the 20th century, the two are more typically split apart. But in the 21st century, the lines between “private” and “public” are once again rapidly blurring. Governments are behaving more like market actors, and corporations are behaving more like governments.”

    According to Buterin, Ethereum’s adoption in the enterprise world will continue to increase, driving the price of ETH. More important upgrades are waiting in the wings for Ethereum, which will further boost scalability and security. However, whether Ethereum can actually reach a new ATH in 2021 remains to be seen.

    Your rating to this post

    average scores 5 out of 5
    Vote count: 1 Vote