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Can Ethereum (ETH) Price Reach $50,000?

CryptocurrencyMar 10, 2021 05:30AM ET
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Can Ethereum (ETH) Price Reach $50,000?

Ethereum (ETH) beat new highs in the third week of February 2021. Simultaneously, it has failed to maintain its bullish drive in the last week of the same month. Meanwhile, due to massive sell-off by investors and a dip in parent crypto, Bitcoin has affected the entire crypto stratosphere, including the Ethereum market.

Ethereum’s price has dropped, and its trading at the current price of $1,558 has grown in the last 24 hours by 23.43%.

After Bitcoin reached $56,000 for the first time in February, more investors and experts believe the Etereum price surge must get equal heights. Other altcoins such as Binance Coin racing strongly in the DeFi Space, will Ethereum be the next crypto to reach $50,000?

Analyst Andrew Keys: Ethereum Is Digital Oil

Ethereum will solidify its spot as the future substrate of the digital market by underwriting the world’s contracts in 2021. These were the terms of crypto analyst Andrew Keys in December 2020.

The analyst recognizes Bitcoin (BTC) as digital gold and Ethereum (ETH) as digital oil. It looked like his predictions were placed on as BTC met $50,000 and Ethereum crossed $2,000 in February 2021.

Ethereum is facing a tough week, but such a scenario was expected after the crypto asset soared to new milestones. The digital currency has brought considerable gains to investors.

Each investor has a price goal on which they are ready to let a purchase go. Favorably for these investors, the spike in Bitcoin’s (BTC) price coupled with traders’ insatiable interest regarding Decentralized Finance (DeFi), the ETH’s price crossed $2,000.

Most of them used gold as the template of disinvestment. This is when the metal also reached $2,000 and settled at an all-time high price of $2,067.15 on August 7, 2020. It has been trading under the price breakthrough ever since.

Ethereum’s drop in its bullish form has been associated with a massive sell-off in the market. Evidently, in discussion with Bloomberg Television, Kraken CEO Jesse Powell said that “a fall of more than 50 percent in Ether’s price was not caused by a trading-engine failure but by extreme selling.”

He added a big chance that a multiple Ether holder could not believe the considerable windfall. Ethereum had brought him/her decision to sell it all, convert it to fiat currency, and carry on with his/her life.

As prices are dropping to correction points, digital assets will become nearly more reasonable for purchase. The need for ETH as part of the 210 DeFi protocols working on its blockchain coupled with gas fees for Ether transactions which have reached a new high of $39, will see more profits recorded in the long term.

This order set the blockchain with the highest quantity of DeFi protocols on its way to beating different milestones with $50,000 as its prime target.

Ethereum Price Predictions

Ethereum is poised to lead numerous price breakthroughs. Strategists for Fundstrat Global Advisors LLC, David Grider has stated that “Ethereum is the best risk/reward investment working in crypto.”

His views stem from the various functions Ethereum shows where it does not hold to rely on its novel token or a single protocol to decide the digital asset’s total value. He foresees Ethereum price surge more than sevenfold to $10,500 after leading record highs in the third week of February 2021.

Simon Dedic, Co-Founder of Blockfyre and Managing Partner at Moonrock Capital, predicts that Ethereum will be worth higher than $9,000.

In an article posted in the Times of India, ZebPay CEO Rahul Pagidipati added that Ethereum “leads to follow Bitcoin.”

In interpreting his remark, Pagidipati explained the price of ETH will increase to the heights of BTC. This is considering other altcoins follow the same direction as their elder crypto sibling in bull runs and bearish drops.

“Nearly 3 million ETH, which is expressed in fiat currency as $3.8 billion, has been secured up for long-term staking, separating them from the buyable supply,” he added.

ETH 1-day chart with 50-day SMA and 200-day SMA (source: TradingView)

James Todaro of Blacktown Capital assumes that ETH will surpass $9,000. His analysis is primarily centered on fundamentals which could recognize the smart contracts blockchain becoming the next cryptocurrency to surpass the $1 trillion market capitalization by profiting from its Decentralized Finance trend within its protocols, which have a vast user base.

Meanwhile, BuyUcoin CEO Shivam Thakral believes that Bitcoin is consolidating. As such, this is the main reason Ether is touching record valuation. “Investors are looking to ETH as the next most popular and by market cap to make high profits on their investments in the long term” he said.

Finally, Ark Capital Founder Brian Schuster said that “Ethereum as a result of its control of the DeFi world and the potential of revolutionizing the digital world will hit $100,000 by 2024.

Is Now a Good Time to Buy Ethereum?

The short answer is, Yes.

Ethereum is the leader of Decentralized Finance (DeFi). As more protocols attach to its platform soon, which has a great user base reflected in massive trade volume numbers, the crypto asset price will increase tremendously in the process.

For years, numerous Layer One (1) blockchains developed, and, unfortunately, novice developers marketed themselves as “Ethereum Killers.” Many of such blockchains guaranteed a faster and sophisticated smart contract platform but vanished into the wind as idea conception and execution are not the same.

In the future, numerous developers and investors will like to get in on the act and take advantage of the various opportunities available within Decentralized Finance (DeFi). Naturally, this will see Ethereum fall into a small section of future projects.

How do I invest in ETH?

To invest in Ethereum, you need to purchase some ETH. You will also require a crypto wallet to deposit it. The most reliable crypto exchanges will offer free built-in crypto wallets to deposit your Ethereum and other coins.

Then, you will want to be capable of monitoring the price of your Ethereum so you can determine when to sell and cash in on your investment. A cryptocurrency exchange facilitates all this.

1. Buy Ethereum (ETH)

You can buy Ethereum cryptocurrency fast and efficiently at any exchange. If you hold any cryptocurrency, you can exchange it for ETH coins. You can also buy Ethereum directly with your credit card for fiat currency in many platforms.

2. Trade Ethereum (ETH) with CFDs

Investing in Ethereum is not only getting Ethereum. If you do not desire to buy Ethereum immediately and still want to earn Ethereum, you can do it. You can use one of the many crypto brokers that offer derivative options for crypto traders with their CFDs.

The benefit of trading with CFDs is distinct. With CFDs, you can often gain high returns regardless of the Ethereum price if you predict the price behavior accurately. Besides, you do not require an Ethereum Wallet because you do not buy the coin.

However, CFD trading takes unique risks and wants a deal with this form of investment in detail. So, try not to make any mistakes unless you may lose your Ethereum Investment entirely in just one trade.

3. Stock Trading

The decisive benefit of stock trading is its culture. Stock trading is organized internationally. Besides, many investors find it more comfortable to invest in assets rather than buying cryptocurrencies directly.

This makes investing in Ethereum 2021 more convenient than ever. Those who think their investment for the medium to long term should urgently take a more intimate look at this investment option.

Disclaimer: No information in this article should be interpreted as investment advice. CoinQuora encourages all users to do their own research before investing in cryptocurrencies.

This article first published on coinquora.com

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Can Ethereum (ETH) Price Reach $50,000?
 

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