Ethereum Price Analysis, ETH Price May Break Above $1K by Dec 2020?

coinpedia.org 2020-11-23 23:00
Reading time: ~2 m

ETH Bull Run Attracts May New Traders

Ethereum price exploded in the past week which rose from nearly above $500 to levels close to $600. As the ETH price surged, a huge mass of crypto enthusiasts shifted their focus from the other cryptos to Ethereum.

As per the data analytic platform Santiment, the ETH whales hold the smallest percentage of supply in 11 months. The whales just hold nearly 12.1% of the total coins which has plunged from 18.6%. Interestingly, the number of small traders has also increased over time.

Moreover, the daily active addresses on the Ethereum blockchain has reached its all-time high.

ETH 2.0 Goal May Reach Before 2020

The bullish momentum follows the world’s second crypto as the ETH 2.0 which witnessed a slower pace, accelerated within no time. The ETH 2.0 deposit contract address has reached nearly 50% accumulation to date with more than 6000 validators.

Recently, in an AMA session, the Co-founder of Ethereum Vitalik Buterin also expressed his thoughts on the launch of Phase 0 and said the Mainnet launch must happen in 2020. Therefore the possibilities of Phase 0 launch which had faded away appear to have geared up and would touch the goal very soon.

Ethereum price which has started this week very strong against bitcoin price is expected to supersede bitcoin in the coming days.

Ethereum is doing exactly the same thing as #Bitcoin. It's volume decreased as people are trading less and #HODL ing the supply. It has gone parabolic and is marching towards $800, then > $1000. Do not sell.#altcoins #altseason $eth #eth #defi #crypto #cryptocurrency pic.twitter.com/RhyI14vFVK

— Johnny One Punch 👊 Man (@DR6am) November 23, 2020

One of the analysts believes that the traders are doing exactly the same they did with Bitcoin, buy and HODL, but not trade. Therefore marching towards $800 initially and later above $1K.