By The world’s second largest cryptocurrency by market capitalization, Ethereum (ETH) and the crypto market have experienced a recent influx of buying pressure in the past 24 hours which has allowed them to extend the upwards momentum which has taken place during the past few months.
Many analysts now believe that Ethereum is set to continue its ascent in the near future, and could even outperform Bitcoin in a long-term time frame as a result of its flourishing technical strength and due to an increase in adoption from major companies such as Ubisoft.
Ethereum Market Soars High Amidst Global Crypto Market Surge:
At the time of press, Ethereum is trading up nearly 7% with its current price sitting at $259, which is up significantly from its 24-hour low of $240, which was set early yesterday.
The notable surge has allowed ETH to spike to fresh weekly highs and has brought it closer to a return to its year-to-date highs of $285, which were set in late-May when the entire cryptocurrency market briefly surged before it underwent notable selling pressure which in turn caused it to drop lower once more.
As of the time of writing, Ethereum is one of the best performing altcoins and is trailing slightly behind Litecoin (LTC), which has led the charge in the market surge during the past week, managing to surge up to an outstanding 31% over the past week.
A popular crypto analyst on Twitter, The Cryptomist, explained via a recent tweet that she believes that ETH could continue along its current path and surge higher in the near future, possibly spiking to as much as $300 by July.
Her tweet reads:
“$Eth: This looks good! Falling wedge potentially present. If I am right about $Btc falling wedge, then there is no reason why we should not see $300 before end of July. We still could see one final touch upon $222 region. Regardless I am holding and buying on dips.”
Analyst Prediction: ETH Could Outperform Bitcoin in the Next Two Years:
Of course, its highly reasonable that ETH will continue to surge higher in the next few days, but one analyst believes it is on a path to significantly outperform Bitcoin the next 2 years.
Another favourite crypto trader on Twitter, Bitcoin Jack, explained that he believes that Ethereum’s long period of consolidation against BTC will enable it to spike notably higher in the coming years:
“Unpopular opinion: $ETH will outperform $BTC in the next 24 months. Facts: – $BTCUSD 14/15 consolidation 288 days to breakout – $ETHBTC consolidation 278 days and counting, one of the largest consolidations in crypto – The only large scale secure decentralized SC network.”
One possibility, which could aid Ethereum’s performance, is the increase in adoption. Recently, it was announced that Ubisoft, a gaming giant, could be seeking to use the Ethereum blockchain for games and in-game features. This form of adoption could be incredibly significant for ETH, specifically if it is used for in-game purchases.
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