After topping $1,439, traders are talking about whether the price of Ether could reach $3,000. With a nearly 100% gain in January, Ether has outperformed Bitcoin. In 2020, ETH surged to $400 from less than $200 per ETH. Other DeFi tokens such as Chainlink, Uniswap and SushiSwap all rallied to new highs. Many believe the altcoin season has come.
This week has seen ETH correcting mildly with Bitcoin. But more people are showing interest in the second-largest cryptocurrency with the popularity of the term “Ethereum” on Google Trends increasing to a new high.
Galaxy Trading predicts that ETH could reach $2,000 and even $3,000 in the coming weeks, noting a similar pattern between Bitcoin and Ethereum’s price momentum.
The recent rally of ETH could be attributed to the launching of ETH 2.0, which promises lower fees and faster-responding speed. Like Bitcoin, ETH is getting more attention and recognition from institutional investors. The Chicago Mercantile Exchange (CME Group) recently announced that its cash-settled Ether Futures will be launched in February 2021. Analysts expect this move will allow more money to flow into ETH.
Traders are quickening their pace to withdraw ETH from exchanges. The ratio of EH tokens depositing at exchanges has dropped to 22% from the 26.33% of September. This usually indicates increasing hodling sentiment among traders.
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