The world’s second-largest cryptocurrency – Ethereum – is extending its position to an all-time high. Therefore, investors and crypto experts speculate that Ethereum price may hit the $5,000 level within a week. Currently, Ethereum is trading at $3,377.61, and it has a higher possibility to continue the bullish pressure towards the $4,000 level within 15 May 2021.
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According to Ethereum CEO, the main benefit of the particular cryptocurrency is that it is wider explosive to the overall crypto market. The recent bullish pressure came from the soaring interest from major institutional investors besides getting recognitions of the borderless digital currencies as a future economy. If it continues to happen, Ethereum may hit the $5,000 level within a week, as expected by the Ethereum CEO.
Ethereum’s Interest is High among Investors
Having the institutional support Ethereum is very important for those who trade in non-fungible tokens or NFTs. Moreover, many altcoins are being traded to the Ethereum blockchain.
Indeed, interest in NFTs is popular authentication. As said that he created a revolution in the investment sectors where Ethereum plays a significant role.
Ethereum, launched in 2015 by a team including Vitarik Buterin, Charles Hoskinson, and Gavin Wood, on bitcoin concepts. Later on, it became popular because of its easiness to write bespoke atop of its network.
According to Wall Street Journal, almost 7 million new Ethereum addresses were created in the first 4 months of 2021. Therefore, the massive involvement of retail and institution may make this digital asset more familiar among investors.
Can Ethereum beat Bitcoin?
The great strength of Bitcoin is its store of value as a currency to a lesser content. On the other hand, Ethereum’s network has many viewers, and it is robust, open-source, decentralized, with the capacity to run multiple applications.
As a result, ETH fans expect that the price may overcome Bitcoin and become the world’s no-one cryptocurrency. However, currently, it has less possible, but the Crypto “flippening” may happen at any time.
On the other hand, Bitcoin’s market value is at $1.09 trillion, while Ethereum’s market value is just $366 billion. According to the recent price action, the ETH price was up by 341% in the year to date, while the Bitcoin price is up by 100% so far in 2021.
Is Ethereum A Buy?
As of the above discussion, Ethereum has a higher possibility to continue the bullish pressure towards the $4,000 level within 15 May 2021. However, a solid bearish daily close below the $2,952.31 level may alter the current market structure.
Risk Disclosure Statement
The price forecast is based on the historical trend dynamics and the asset price seasonality. The forecast may inform you about the prevailing market trend, but it does not guarantee a positive result of your trades. We disclaim all liability for your actions taken based on the forecast.
Source: OlympTrade.com
