Ethereum Price On Pivotal Phase!
The Ethereum price rally showcased a pretty steady approach, by surging with strong momentum. No doubt, certain pullbacks hindered the price rally to some extent, yet it managed to bounce back quickly without wasting much time. And hence, Bitcoin is no longer the only largest and dominant crypto.
Despite the recent market crash, the ETH price is still maintaining the 2021 bullish uptrend line. Previously, during the past massive corrections in 2017, the price plunged 5 times with a wider margin, where-in -66% was the worst. Later the price bounced back like a monster, surging nearly 17,000%.
Considering the current rally, the plunge in 2021 is minimal and hence, a huge rebound may be fast approaching. Moreover, the upgradation from Proof-of-Work to Proof-of-Stake may be the game changer for the Ethereum ecosystem.
Also Read: Will Ethereum Dethrone Bitcoin? Altcoins Seem to Be Gearing up for a Reflex Action!
Institutional Investments May Be On The Way!
With the intensifying Altcoin Season, Ethereum is also gaining its dominance in the crypto space. The current dominance which is around 17% reciprocates the 2017 bull run as the Bitcoin dominance is falling to the similar range.
Moreover, the growing interest for the altcoin offlet is an indication of the growing traction from the traders and probably the investors too. As said by a popular analyst, Lark Davis, institutional money may flood into the ETH ecosystem soon.
Adding to the substance, VanEck, one of the largest exchange traded product providers in the US, has reportedly applied for an Ethereum ETF. And hence, increasing the chance of a greater adoption in the coming times.
Collectively, Ethereum price rally may mirror the Bitcoin price rally due to the increased adoption and attention from the traders or the institutional investors. On the contrary, if the ETH price fails to sustain above $2470, the chances of plunging below $2000 may mount.
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