Timothy Peterson has forecasted that Ethereum could hit $2k in the next 5 monthsHis analysis is based on Ethereum’s monthly returns since 2015Ethereum’s Google search volume is also at an all-time highETH has quickly risen to the $1,200 price level and is $200 shy of breaking its all-time high
Bitcoin and crypto analyst Timothy Peterson of Cane Island Alternative Advisors has forecasted that Ethereum could hit $2,000 in the next five months. Mr. Peterson’s analysis of Ethereum is based on ETH’s monthly returns relative to Bitcoin since 2015. He shared his analysis of Ethereum via the following tweet and accompanying heat map demonstrating the aforementioned returns relative to BTC.
#ethereum could hit $2000 in the next 5 months. pic.twitter.com/2ElWQ7PwHp
— Timothy Peterson (@nsquaredcrypto) January 5, 2021
Ethereum Has Kicked off 2021 in High Gear
In terms of price, Ethereum is on a path towards doubling its value since the New Year begun. January 1st found Ethereum trading at $736. At the time of writing, ETH has posted a three-year high of $1,237 signifying a 68% increment in value in a week and since New Years’. With the latter value, Ethereum is now $200 shy of its 2018 all-time high value of $1,432 set in January of 2018.
A quick glance at the Ethereum daily chart reveals that ETH is clearly in overbought territory. However, Bitcoin is also experiencing exponential gains and has just set an all-time high, today January 7th, of $38,679 – Binance rate.
Therefore, if Bitcoin’s current momentum is maintained, Ethereum could very well set a new all-time high in the days to follow. This is based on the fact that Ethereum is highly correlated to Bitcoin. Additionally, the progress of ETH 2.0 has provided further investor confidence as over $2 Billion in Ethereum has been staked since December.
As with all analyses of Ethereum, traders and investors are advised to have an eye out for any sudden market movements by Bitcoin that might ruin the party.