The world’s second-largest cryptocurrency Ethereum (ETH) has been an outperformer throughout 2021 ending the last year with a solid 250% return. Once again ETH has managed to outperform its top rival BTC by a great margin.
While the crypto market has been consolidating over the last week and so, Ethereum seems to be once again showing strength over Bitcoin. Based on the technical charts, popular crypto analyst Michaël van de Poppe writes:
Ethereum is showing more strength than Bitcoin at this point. A beautiful retest of that region around $3,500, which should be enough for this correction. Clear confirmation = break above $4,100.
Many analysts had given $10K price targets for Ethereum by the end of 2021. However, that didn’t materialize. But this hasn’t stopped analysts from being bullish about Ethereum going into 2022.
Many analysts believe that Ethereum can still achieve this milestone and even higher ahead this year. Continuing with his bullish stand on Ethereum Poppe notes that the goal should be to outperform Ethereum and not Bitcoin, for other competitors.
In an interview with Forbes last week, Shark Tank’s Kevin O’Leary said that he views “the entire crypto industry as software development teams”. Thus, he continues to be more bullish on Ethereum than over Bitcoin. O’Leary noted:
Ether is my largest position, bigger than bitcoin. It’s because so many of the financial services and transactions are occurring on it. Even new software is being developed like Polygon that consolidates transactions and reduces the overall cost in terms of gas fees on Ethereum.
Well, Ethereum is also heading for a massive upgrade this year to the Proof-of-Stake (PoS) blockchain platform. This will exponentially increase the Ethereum network capabilities making it more scalable and cost-effective in terms of gas fees. It will be interesting to see which other Ethereum Layer-1 competitors gain traction going ahead.
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