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Date:
05th Feb 2021
Author:
CryptoAltum News Team

Ethereum Price to Reach $20k by the end of Year

Raoul Pal, a millionaire investor who has invested 75 percent of his liquid assets in crypto, firmly believes that the Ethereum price will reach $20k by the end of the year. He assesses that ETH/USD is likely to build on this year's substantial gains. He also added that the digital asset sphere would "consume the performance of everything else," with BTC spearheading the charge. 


Details: 

Bitcoin leads the charge in the crypto space, benefitting from its first-mover advantage. However, the rise of ETH prices in the last two months that's causing investors to refocus on the smart contracting platform given its possibilities. Candlestick arrangements point to a possible undervaluation versus the BTC. The coin is technically trading within a bullish breakout pattern, rising to a new two-year high. Propelling Ethereum are fundamental developments, including, most importantly, the growth of DeFi—a financial system that Mike Novogratz, a billionaire investor, said form the basis of a new revolution that will replace existing firms, including leading banks like JP Morgan and bourses like the New York Stock Exchange. Grayscale could also list DeFi tokens. Concurrently, Ethereum developers and select DeFi protocols are moving their operations to Layer-2, improving user experience by drastically lowering Gas fees.


Impact on the ETH Price: 

Bullish. The ETH/BTC pair is trading within a bullish breakout pattern as ETH flew past a two-year high. Institutions also consider ETH and some of its ecosystem projects mainly in DeFi for investment, a net positive for ETH/USD. Analysts agree that Ethereum price may fly above $2k to beyond $5k in days ahead.


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