Ethereum (ETH) cryptocurrency rate has stabilized after the recent dump and went up. Therefore, ETH/USD should rise to $ 4,000 by September 16.
Ethereum bottomed out at $ 3,013 (Bitstamp data) on September 7. Traders sold a record volume of ETh over the past two months, but could not keep the asset rate below 38.2% Fib, taking into account the pump, from $ 1,707 to $ 4,036. The cryptocurrency price corrected quickly and exceeded the 23.6% Fib ($ 3,483).
As a rule, if, as a result of the first downward impulse, ETH price breaks through the 38.2% Fib then ETH depreciates to 61.8% Fib ($ 2,600 in this case) after the correction. A similar situation happened in September last year. Ethereum price first collapsed only to the 23.6% Fib, but then broke through the 61.8% mark. This year the first impulse was stronger, but the second wave of the downtrend was weaker.
Given the current dynamics of Ethereum exchange rate, it can be assumed that the asset price will not fall below $ 3,400 and will reach $ 4,000 within the next week. The likelihood of this scenario will increase significantly if the dump does not start in the market on September 9 and the bulls keep the value of the coin in the range above $ 3,400.
Ethereum rate in relation to Bitcoin (BTC) has been changing within the expanding Livermore accumulative cylinder since September 2020. According to the chart the asset price dropped to the seventh lowest point and entered a phase of parabolic growth at the beginning of 2021. Accordingly, ETH price should rise to the previous maximum – 0.156 BTC, which was recorded in 2017. At the same time, TOP 10 is in the region of 1 BTC, that is, the figure provides for a 13-fold increase in Ethereum rate in relation to Bitcoin from the current value.
In order for ETH to outstrip BTC in terms of capitalization, Vitalik Buterin’s brainchild needs to add 212% in price in relation to the father of cryptocurrencies. Obviously, in the case of an increase in the value of Ethereum in comparison with Bitcoin, the asset rate will increase against the dollar. Consequently, in 2021, the price of the coin will update its historical maximum and continue to grow in 2022.
The great demand for ETH is due to the possibilities of the blockchain, which allows you to make money on staking, issuing NFTs and providing decentralized financial services. Due to the high investment attractiveness, the Ethereum rate grew by 527% in 2021, while Bitcoin – by only 93%. Large enterprises began to invest in ETH, for example, Grayscale bought $ 10 billion worth of coins. Taking into account all these factors, the hypothesis about the victory of Ethereum over Bitcoin is not devoid of common sense and can be implemented in the future.
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