Chances of Ethereum Hitting $11K by the End of 2021?
- The cryptocurrency will hit $11.2k if it gains 236 percent from now.
- We may see $11k being a reality due to investor demand.
The price of Ethereum is highly anticipated. On November 10, the cryptocurrency hit a new high of $4,878. Sadly, a correction followed. It also offered investors a signal about potential price movements.
Ethereum’s recent price fluctuation closely mirrors Bitcoin’s 2017 price pattern, according to investment guru Raoul Pal. In December 2017, Bitcoin surged from $6k to $19k in a month and a half. During this span, the coin rose 236 percent on the charts.
Now, Ethereum isn’t at $6k. But because it seems to mimic BTC’s trajectory, we may examine both directions to anticipate ETH. The first technique is to visualize a 236 percent rise in ETH. Second, what rise is required for ETH to hit $19k?
The cryptocurrency will hit $11.2k if it gains 236 percent from now. Those expecting ETH to hit $19k would require a 343 percent chart rise. Not to mention, Bitcoin is unique. However, Ethereum is not the next Bitcoin. In reality, ETH’s increase has been insufficient to justify a 343 percent surge. Even a 236% rise seems unlikely now. In the three months from August to November, Ethereum only rose 174%. So it would make sense if it didn’t meet either goal in a month.
Expanding Investor Engagement Critical
However, if it went crazy, we may see $11k being a reality due to investor demand. Currently, about 142k contracts need it. The next significant expiration is in December. If everything goes well, ETH may achieve $11k by then.
Of course, expanding investor engagement is critical to any upswing. At the end of September 2017, Bitcoin had roughly 646k active addresses. By early 2018, it had risen to 1.15 million. ETH has 450k addresses at the end of September. Although it has more addresses than Bitcoin, it has fewer active addresses. This must alter if Ethereum is to hit $11,000 by the end of 2021.
The post has appeared first on thenewscrypto.com
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Text source: TheNewsCrypto – Blockchain & Cryptocurrency News M
