Ethereum (ETH) and the aggregated crypto markets have incurred a sudden influx of buying pressure today that has allowed them to extend the upwards momentum that they have incurred over the past couple of months.
Analysts now believe that Ethereum will continue climbing higher in the near future, and possibly outperform Bitcoin over a longer-time frame, due to growing technical strength and increasing adoption from major companies like Ubisoft.
Ethereum Climbs Higher Amidst Widespread Crypto Market Surge
At the time of writing, Ethereum is trading up nearly 7% at its current price of $257, up significantly from its 24-hour lows of $240 which were set earlier today.
This massive surge has allowed ETH to surge to fresh weekly highs and has brought it closer to returning to its year-to-date highs of $285, which were set in late-May when the entire crypto markets briefly surged before incurring significant selling pressure that sent them reeling lower.
Currently, Ethereum is one of the top performing altcoins of the day, and is closely trailing behind Litecoin, which has been leading the market surge over the past several days, surging a whopping 31% over the past seven days.
The Cryptomist, a popular cryptocurrency analyst on Twitter, explained in a recent tweet that she believes ETH could continue surging higher in the near-future, and could possibly surge to $300 by July.
“$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,” she noted.
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! pic.twitter.com/tOKh9mLKXP
-mdash; The Cryptomist (@TheCryptomist) June 12, 2019
Analyst: ETH Could Outperform Bitcoin in the Next Two Years
Although it does seem reasonable to conclude that ETH will continue surging higher in the coming days, one analyst believes it will significantly outperform Bitcoin in the next 24-months.
Bitcoin Jack, another popular crypto trader on Twitter, explained that he believes that Ethereum’s long period of consolidation against BTC will allow it to surge significantly higher over the coming years.
“Unpopular opinion: $ETH will outperform $BTC in the next 24 months. Facts: – $BTCUSD 14/15 consolidation 288 days to breakout – $ETHBTC consolidation 278 days and counting, one of the largest consolidations in crypto – The only large scale secure decentralised SC network,” he said while referencing the below charts.
Unpopular opinion:$ETH will outperform $BTC in the next 24 months
– $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 decentralised SC network pic.twitter.com/xcvOLJQLAv
-mdash; Bitcoin 𝕵ack (@BTC_JackSparrow) June 12, 2019
One possible factor that could help Ethereum’s performance is increasing rates of adoption. Most recently, it was announced that gaming giant Ubisoft may be looking to utilize the Ethereum blockchain for games and in-game features. This type of adoption could be incredibly favorable for ETH, assuming it is ultimately utilized for in-game market transactions.
Although it is difficult to accurately predict where the crypto markets will head over a macro-time frame, it does seem increasingly apparent that the markets are currently in a firm uptrend that will likely persist for the foreseeable future, which could allow altcoins like Ethereum to post significant gains.
Featured image from Shutterstock.
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