Ethereum was outperforming Bitcoin when BTC broke past $ 33,000 last night. ETH is up 6% in the past 24 hours while BTC has risen over 11%. Despite performing worse, analysts think that Ethereum will soon catch up with the leading cryptocurrency. Analysts are targeting $ 800 in the short term as Ethereum breaks through a key resistance level around $ 750.
Ethereum could reach $ 800 soon
Analysts say Ethereum could reach $ 800 soon. One of them noted that the cryptocurrency overcame key resistance levels last night and is therefore ready to move towards $ 800 as long as it is not. is BTC holding the $ 30,000 level. He wrote on this issue:
“It feels great to be a part of the bulls, the long wick that reacts to the $ 718 zone shows great buying pressure. I think the price will reach $ 800 soon, as long as BTC can hold the $ 30,000 level. ”
Strong fundamental trends are driving price action
Andrew Keys, former CEO of ConsenSys and Ethereum investor, says that the top altcoin is likely to see a strong 2021 year due to fundamentals:
“On December 1, the Ethereum community successfully launched Ethereum 2.0's phase 0. The network upgrade from Proof-of-Work to Proof-of-Stake will make Ethereum scale and run faster with less computing power. By 2021, we will see Ethereum 2.0's phase 1 come into play, greatly improving scalability. "
Keys further explained that the Ethereum 2.0 upgrade will have enough impact in the market to boost the cryptocurrency to $ 2,000.
"The Eth 2.0 upgrade will boost the network's capabilities and attract even more attention from businesses and institutional investors, taking the price of ether to new heights."
He argues that the underlying trend and the overall macro trend will drive the value locked in DeFi to $ 150 billion. He thinks that a large amount of capital from Bitcoin and other blockchains will be sucked into DeFi through cross-chain solutions like RenBTC and tBTC.
This has the potential to drive yields in the DeFi space, which will help Ethereum rise even higher.
