The Ethereum price which is expected to double this month, broke all the above resistance levels to cross the milestone at $1800, woefully got rejected at the consecutively. The plunge again dragged the price below $1750 but yet the price strongly heading towards the lost positions at the newly formed highs.
The ETH price is currently trending in an ascending triangle and also had broken the upper resistance level. However, the price experienced a pullback due to which it still remains within the triangle and in a decisive phase.
However, according to an analyst, Coiner- Yadox, the ETH price consolidation phase looks very similar to that of the BTC price chart. He further tells that the bitcoin price rallied more than 79% in two weeks after it broke the consolidation phase and also expect the ETH price also rallies in a similar way.
As more and more institutions jumped into the Bitcoin ecosystem, believing that it is a store of value, one must understand Etheruem is the fuel for decentralized finance with progressive development and constant updates. Moreover, the year 2021 is expected as the most progressive year for Ethereum ecosystem.
Many still wonder why the institutions are still not focusing on Ethereum when it is capable of outperforming bitcoin as said by an analyst The Crypto Dog. However, as a popular analyst Lark Davis says, that it is just a matter of time, the institutions would start buying ETH too.
The only obstacle currently is the high gas fees due to which the Ethereum market potential may be compromised. On the other hand, some of the analyst like David Hoffman.eth still believe the rising gas fees is actually bullish for the asset.
The more interesting would be the Ethereum price rally when the billionaires start revealing their ETH holdings and the institutions adopt ETH similar to BTC. At present, the Ethereum price needs to maintain above the levels and break the upper resistance level to hit the target set at $2000.
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