Ethereum.. The original Ethereum token, Ethereum (ETH), has a 40% potential for a price hike against its biggest competitor, Bitcoin (BTC), according to a classic technical pattern.
The so-called “symmetrical triangle” structure develops after the price forms a series of higher lows and lower tops, and doing so leads to a trendline convergence with a degree of symmetry, which appears as a triangle.
Analysts treat symmetrical triangles as trend continuation indicators – that is, they usually send prices in the direction of the previous trend after a clear breakout, as a result of which Ethereum/Bitcoin’s ongoing price boom can go to the upside after having fluctuated within a similar triangle structure over the past four months.
Part of the reason is that Ethereum is attempting to break above the coherent triangle setup after rising for seven consecutive weeks, with an overall growth rate of 179%. 0.069 BTC), and this places the pair’s profit target near 0.094 BTC, about 40% above 0.069 BTC.
Ethereum outperforms
Ethereum is bullish against Bitcoin as it outperforms the benchmark cryptocurrency in terms of the dollar on a daily basis.
On August 31, Ethereum’s exchange rate against the dollar rose 6.61% to $3,442, its highest level in three months. In comparison, Bitcoin posted mixed gains, rising just 2.5% to $48,169, revealing temporary high demand for Ethereum tokens among traders.
Dmitriy Michonin, founder and CEO of smart contract auditing firm HashX, predicted that Ethereum and similar “smart contract-enabled blockchains” will continue to outperform Bitcoin in the long run, citing its superior utility.
“The Cardano and Ethereum duo have a penchant for harboring a myriad of innovative projects,” Michonen said, adding that Ethereum has the potential to flip Bitcoin in the long run.
Bitcoin is solely dependent on specific supply and first-mover advantage, a trend that many investors are beginning to replace with unique technology that could drive a future dominated by Blockchain.
John Ovadia, founder and CEO of cryptocurrency exchange OFX, added: “Ethereum has better fundamentals than Bitcoin at the moment, largely due to a recent network update that aims to add deflationary pressure on Ethereum through a fee-burning mechanism, and even Now, about 146878.7 Ethereum (worth approximately $492.3 million) has been burned out of the total circulating supply,” adding, “The possibility of a more superior proof-of-stake infrastructure through the highly anticipated launch of Ethereum 2.0 will also make the blockchain more usable, thus Payment of currency interest and the growth of its price.
Bitcoin prospects
So far in 2021, Ethereum has significantly outperformed Bitcoin due to its growing adoption in the burgeoning decentralized finance (DeFi) space and non-perishable tokens (NFT), as on August 31, Ethereum’s year-to-date profit is 373% versus 63, 55% for Bitcoin, however, Mike McGlone, chief commodity strategist at Bloomberg Intelligence, said Bitcoin will eventually catch up with Ethereum’s gains, leading to $100,000 by the end of 2021 – more than double the price it’s trading at at the time of writing.
Tom Lee of Fundstrat Global Advisors envisions a six-figure bid for Bitcoin as long as it stays above its average price over the last 200 days – a measure of long-term momentum.
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