Ethereum Prices Breaking Out, an ETH/USD Spike above $2.1k?
Analysts believe the Ethereum price is undervalued and could once more outperform Bitcoin in 2021. After days of consolidation and price shocks below $1.8k and other critical support levels, the ETH/USD price is breaking out as expected, printing above $1.9k. Considering rising trading volumes and confidence in the coin's prospects, traders are upbeat, expecting ETH prices to surge above $2k and even the immediate resistance at $2.1k.
Several fundamentals around Ethereum make bulls upbeat, expecting ETH/USD prices to tear even higher. While more Eth2 validators are staking ETH—now exceeding $6.9 billion, for near risk-free yields, analysts are also tracking immediate efforts by developers of taming rising Gas fees. After Berlin, Ethereum developers will proceed with London--where EIP-1559 will be activated. It is regardless of miners' stance and threats of attacking supporting pools like F2Pool.
Impact on ETH Prices:
Bullish. Technically, ETH prices are undervalued from an ETH/BTC perspective. Accordingly, analysts expect ETH to outperform BTC in the coming days as the coin races towards $5k or even $10k in the medium term charged by on-chain developments around Gas fees reduction and scaling efforts.
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