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Date:
28th Dec 2020
Author:
CryptoAltum Research Team

Ethereum Price will rapidly rally to $2k once $1k is broken


Just when the Bitcoin market cap increased by $73 billion, exceeding the total market cap of Ethereum, one analyst is confident that the ETH/USD price can easily rally to $2k after breaking $1k. At the time of writing, the ETH price was changing hands at $670, and will likely register a new high in 2020 before the end of the year.


Details: 

The Ethereum price is trading at around 2020 highs, bouncing off $570, and likely to print new highs in the next few days judging from traders' confidence. Given the accumulation, smooth transition to Eth2, and the dominance of the smart contracting platform, analysts are confident of a rapid expansion to $2k—a new all-time high, once the ETH price closes above $1k. At spot rates, the ETH/USD price is around half of the coin's all-time high. However, considering the supportive fundamentals—including 2021 being another year of refinement for DeFi, ETH prices could surge to above $1.4k.


Impact on the ETH Price: 

Bullish. Ethereum fundamentals are strong. As such, ETH/USD prices can rally to above $750 and $1.4k in the medium term. The rapidity is, however, pinned on investor participation going forward.


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