05.05.202110:02 Forex Analysis & Reviews: Ethereum is gaining popularity and is now aiming for $10,000

While bitcoin is in a corrective movement, the attention of the crypto community is increasingly switching to the second largest and most popular cryptocurrency in the world – Ethereum. Unlike bitcoin, ether continues to grow steadily. All indicators show that the growth in value continues, and the stronger it is, the more new investors want to support it. Moreover, many crypto experts now note that it is from bitcoin that many retail investors transfer their capital to alternative cryptocurrencies, such as Binance Coin or Ethereum. For example, traders yesterday lost almost $600 million on short positions on the ether, as the rate continued to grow and reached a historic high of about $3,500. And in terms of trader losses, Ethereum has overtaken even bitcoin, whose capitalization is still much higher. Thus, more experts believe that it is Ethereum that will continue its growth and that it will be much easier for this token to show growth to $10,000 per coin than for bitcoin with a similar growth to $160,000. Thus, these calculations cause an increasing number of investments to flow into the ether, which allows it to continue to grow in price.

Ethereum is currently available to large investors, as its derivatives are traded on the Chicago Mercantile Exchange. Thus, potentially, institutional investors can also join the new trend in the near future. Experts also point out that the drop in interest in bitcoin may be partly caused by the news of the sale of this cryptocurrency by Tesla, which as a result gave a signal to the market that a strong increase in the quotes of bitcoin in the near future is not worth waiting for. In general, at this time, it is ether that has an excellent chance of continuing growth, and not bitcoin.

The illustration clearly shows that the upward trend in ether has only intensified recently. The cryptocurrency quotes have consolidated even above the ascending channel and moved far away from all the lines of the Ichimoku indicator. Now that it is more promising, cheaper, and with lower transaction costs, the cryptocurrency is attracting more and more attention among private and institutional investors. Its nearest target is located near the next psychological mark of $4,000. But we believe that it can grow up to $10,000 cryptocurrency in 2021.

On the hourly time frame for bitcoin, a new downward trend is forming, as the quotes are fixed below the ascending trend line. Thus, a downward movement for the first cryptocurrency is more likely in the coming days.