- Ethereum price trend presents quarterly seasonality, historically this has preceded a breakout.
- Ethereum has outperformed Bitcoin in every first quarter of the year, except 2019.
- Vitalik Buterin recently revealed two big upgrades that could push the altcoin to survive multiple generations.
- Analysts have evaluated the Ethereum price trend and predict the altcoin is showing strong bullish potential.
Historically, Ethereum has outperformed Bitcoin in Q1 of the year. Proponents expect the altcoin to stay consistent with its performance from the previous years.
Ethereum could dominate Bitcoin in Q1 2022
Though Bitcoin is the dominant cryptocurrency, Ethereum remains the top performer in the first quarter of the year, historically. Proponents believe that the altcoin has the potential to dethrone Bitcoin in 2022.
The Ethereum network is currently plagued by slow transaction speeds and high transaction fees. Analysts expect this trend to break through the launch of Ethereum 2.0. The upgrade from Proof-of-Work (PoW) to Proof-of-Stake (PoS) is expected to boost the altcoin’s utility.
Analysts have evaluated the Ethereum price trend and observed that Ethereum price looks strong against Bitcoin. It could drop lower before further upside. From analysing a higher time frame they believe Ethereum could reclaim $4,000.
@IncomeSharks, crypto analyst and trader is holding spot Ethereum buys. The analyst believes that there is no reason to break the support.
$ETH - Still holding my spot buys. See no reason to sell yet but if we break this support I'll start de-risking to buy back lower. For now I'm still leaning that we go up (green line). Just might chop a little longer first. pic.twitter.com/EaV1zebHhS
— IncomeSharks (@IncomeSharks) January 4, 2022
@CarpeNoctum, an analyst and trader, has noted Ethereum’s quarterly seasonality. Though Bitcoin had an extremely strong Q1 in 2021, proponents expect the altcoin to outperform the asset.
Olszewicz concluded from his technical analysis that the Ethereum trend hasn’t changed since November 2021, it still looks better than Bitcoin under $3,100. The messy pattern in Ethereum price trend was invalidated.
some notes on quarterly seasonality
— Josh Olszewicz (@CarpeNoctom) January 3, 2022
- $BTC had an uncharacteristically weak Q4
-$BTC had an extremely strong Q1 2021, but most Q1s have been much weaker
- $ETH has outperformed $BTC in every Q1, except 2019
- $ETH outperformed $BTC in Q4 for the first time ever pic.twitter.com/EBPF33Qt1W
FXStreet analysts believe that Ethereum is primed for a 50% breakout to $6,300.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
TRON gains 10% in 2024, supply of stablecoins reaches over $50 billion in Q1
TRON, a blockchain-based digital platform, has seen positive growth in the first quarter of 2024, as seen in a Messari report. TRON noted gains across several metrics like market capitalization, revenue and total value locked.
XRP hovers near $0.50 as Ripple CTO addresses concerns related to stablecoin launch
XRP is hovering near $0.53 on Friday, spending nearly all week below $0.55. Ripple CTO David Schwartz addressed concerns on stablecoin and XRP utility on Thursday.
Terraform Labs set to restrict access for users in the US after recent ruling in SEC lawsuit
Blockchain company Terraform Labs said Thursday that it will restrict access to some of its products and services for US-based users as it expects to receive a court order soon in light of its legal battle against the US Securities and Exchange Commission (SEC).
Bitcoin Weekly Forecast: BTC’s next breakout could propel it to $80,000 Premium
Bitcoin’s (BTC) recent price consolidation could be nearing its end as technical indicators and on-chain metrics suggest a potential upward breakout. However, this move would not be straightforward and could punish impatient investors.
Bitcoin: BTC’s next breakout could propel it to $80,000 Premium
Bitcoin’s (BTC) recent price consolidation could be nearing its end as technical indicators and on-chain metrics suggest a potential upward breakout. However, this move would not be straightforward and could punish impatient investors.