Ethereum has risen above $ 20 for the first time since February 20000. A surprising move for the world's largest altcoin. Furthermore, market trends in recent weeks and even days show that the altcoin has always been bullish and is likely to remain so for a long time to come.
Ethereum could become popular as BTC
The Ethereum exchange balance signaled a market reversal. In recent days, major exchanges have reported a withdrawal of a large load of Ethereum. This, some analysts speculate, is a sign of strong demand from institutions. But so far, no company has come out stating that they want to include Ethereum on their balance sheet. Like Bitcoin, once institutions start buying Ethereum, prices will rise dramatically.
A few days ago, Ethereum was validated as a solid currency after Visa integrated cryptocurrencies into their network. Visa can now settle USDC payments on the Ethereum blockchain. This is a big win for cryptocurrency and confirmation that it is a solid asset. With the interest of major financial powers such as Visa, Ethereum has attracted demand from institutions.
Institutions aren't the only ones willing to hold on and see if prices can rise above the current all-time high. The data shows that the number of exchanges receiving Ethereum from exchanges has reached a new monthly high. According to Glasssnode, this is equal to 1.291.381. Some speculate that a continued trend of the same could trigger a supply crisis.
Further data from Glassnode shows that the price jump coincided with the total value in the ETH 2.0 deposit agreement which reached an all-time high. The analytics firm notes that the total value locked in ETH 2.0 has just reached 3.630.626 ETH.
What analysts expect from ETH
Analysts have been largely optimistic about Ethereum noting that it is related to Bitcoin. And just like Bitcoin, Ethereum is trading just below its all-time high set at the beginning of the year. Institutional demand could play an important role in the price movement over the next couple of months. Furthermore, demand is set to reach its pivot, with few owners willing to sell.
According to LilMoonLambo who based their argument on Coinbase going public on April 14, the listing will also be a big boost as it exposes millions to the market. Market analyst CryptoBirb says he expects Ethereum to rise in the coming weeks to set a new all-time high of $ 2.700.
Certainly now there quotation of ETH will continue to rise if the interest of the mainstream and institutions continues to increase.
In this regard, we would like to ask our readers what they think and if ETH can ever exceed or at least reach the values of Bitcoin. Let us know in the comments below!