The Bitcoin price has rallied to greatest highs in the ongoing bull rally. Despite a short pullback, it has managed to recover from the losses quickly. However, following its path Ethereum price is also expected to rally towards great heights.
Ethereum more or less is speculated to carry similar price moments as Bitcoin. It pumps hard with the Bitcoin bull rally and also dumps with the BTC price slash. One of the analysts in his video has claimed that ETH price could touch $30K if it follows the same trend.
But how did he analyze that? Let us have wider look.
The above BTC and ETH chart manifests the pump and dump pattern of the two digital assets. When Bitcoin was struggling to surpass $12000, Ethereum was also trying hard to touch the resistance levels above $400. However, both were rejected at their respective resistance levels multiple times.
Considering the recent movement, Bitcoin gained nearly 30 percent after the bull chase, whereas ETH recorded more than 16 percent gain. Both pumped in similar fashion in the same specified time.
More interestingly, Bitcoin and Ethereum dumped with similar losses at a similar time frame. But here the dumps record almost the same losses for each. Therefore considering the pattern, Ethereum rallies nearly half of the Bitcoin bull run.
Therefore, if we consider analyst predicting Bitcoin to touch $100K then Ethereum can also rally to $30k in the coming days.
50K+ ETH Staked in the ETH 2.0 Contract Address
It has nearly five days ETH 2.0 deposit contract address has been launched and only 50,561 ETH has been staked. The pace of the staking process seems to have pulled back a little as only 10 percent of the required ETH is reached.
Therefore, the crypto space and the ETH community which were waiting for the ETH 2.0 phase 0 launch are very uncertain now. With very less time remaining, nearly 90 percent of ETH is yet to be accumulated, without which the phase 0 lauch will not be triggered.
Collectively, Ethereum price despite the slow down in the ETH2.0 phase 0 launch is expected to touch $600 by the end of 2020. And if ETH 2.0 is launched then, the price may touch greater heights.
However, the prime focus at the current scenario would be achieving the required ETH within the speculated time, so that the launch of ETH 2.0 will happen in the first week of December 2020.