As the year ends, Bitcoin is above the highly anticipated $ 20,000 level. Along with BTC, many other cryptocurrencies have recorded new highs. The journey within Ethereum has been exciting, and as the year draws to a close, Ethereum still appears to be one of the most promising networks. The leading altcoin ETH still occupies a fairly important position in the market.
2021 is expected to be one of the most promising years for Ethereum
Market sentiment for Ethereum is mixed, but as a result, 2021 is expected to be one of the most promising years for Ethereum. The first phase of Ethereum 2.0, launched this month, is crucial. Beacon chain is important in terms of the network’s transition from proof of work to proof of stake, and so far the ETH market has seen a rise due to this development. First, the ETH requirement of 524,288 was exceeded, as the community owned 900,000 ETH shares before Beacon chain was launched.
At press time, the total amount since its launch this month has exceeded $ 1 billion. A crypto exchange called Gemini has backed Ethereum by offering staking and trading on its platform to enable its users to profit from the latest update. More importantly, the launch of the Proof of Stake model is certain to change the overall structure of the ETH market, suggesting that the bull run for ETH has not yet fully begun.
Analysts predict more than $ 1,000 rise in Ethereum
ETH futures are also one of the triggers for the rise in ETH. Although it is the world’s first Ethereum ETF listed on the Toronto Stock Exchange, its trading volume reached $ 300,000 on the same day. This is also an important indicator of growing market interest in ETH. DeFi cannot be left out of the picture. This year alone, the DeFi market has increased Ethereum by 3,000%. $ 15.85 billion, an all-time high at the time of writing, is locked in Defi.
ETH’s price movement over the past few months has been quite bullish, with analysts predicting a possible increase of over $ 1,000. If that break occurs, the price will be very close to $ 1.417, an all-time high in 2018, according to analysts. At press time, the second largest cryptocurrency is trading in a very important region. According to analysts, the $ 800 resistance level will be closer than ever if the price point is maintained.