The second-largest crypto, Ethereum, saw lucrative performance throughout 2021, ending the past year with a staggering 250% gain. That way, ETH outperformed its rival Bitcoin by a significant margin. As the cryptocurrency market consolidated over the past week, Ethereum appears to show the momentum over Bitcoin again.
According to the technical charts, Michael van de Poppe, a renowned crypto analyst, commented on ETH’s movements, stating that the alt shows appear strong than BTC at the moment. The expert believes a retest of $3,500 can result in an upside past $4,100.
Keep in mind that most analysts predict $10K price forecasts for Ethereum before 2021 ends. Nevertheless, that failed to materialize. However, the failure did not stop experts from being optimistic about Ethereum in 2022.
Most crypto analysts trust ETH has what it takes to hit the milestone and rally higher this year. Extending his bullish narrative, Poppe states that outperforming Ethereum by other cryptos should be the goal and not Ethereum outshining BTC.
Kevin O’Leary of Shark Tank is Optimistic on ETH
Kevin O’Leary told Forbes that he views the global cryptocurrency market as an industry full of software developers. That way, he maintains a bullish stance on ETH than BTC. That is due to the many transactions and financial services that the Ethereum blockchain houses. O’Leary also highlighted projects like Polygon that consolidate transactions to reduce the cost, solving Ethereum’s gas fees challenge.
Moreover, Ethereum awaits its massive upgrade in 2022, transitioning to the PoS mechanism. With that, the ETH network will enjoy increased capabilities, decreasing gas fees while amplifying scalability. For now, let us wait to see which other ETH layer1 competitor will gain traction.
While publishing this article, Ethereum trades with slight surges at $3,810. Maintaining its current strength will mean ETH rallying higher past the $4K critical level. The positive sentiment is also necessary for the token to witness a steady rally. Upward movement by Ethereum might catalyze bullish actions in the altcoin market. Meanwhile, Bitcoin hovers at $47,058 at this publication.
It may be interesting to witness the following price fluctuations of these assets. Stay tuned.