According to analysts, Ethereum should do very well in 2021 despite the recent rapid decline in ETH prices. The coin is currently trading at $ 350, around 30% of its recent high of $ 490 set a few weeks ago. Ethereum’s sharp downtrend is the result of a correction in the Bitcoin market, as well as a rapid slowdown in the use of leading decentralized financial platforms.
Brave New Coin Josh Olszewicz talks about the potential of Ethereum in 2021 and recently noted that this week’s Ichimoku cloud turned green for the first time since late 2018. The Ichimoku Cloud is an indicator that shows the trend of an asset and important levels to monitor.
On the one hand, the cloud is a leading indicator because it predicts changes in future trends rather than providing insight into current trends. While Ethereum may do well in 2021, analysts expect near-term weakness, possibly to a recent low of $ 300 in early September.