3 reasons analysts say Ethereum may replicate Bitcoin's 2016 bull run

3 reasons analysts say Ethereum may replicate Bitcoin's 2016 bull run


Several prominent analysts say Ether (ETH) is on the cusp of a major bull run despite already gaining nearly 65% in 2021. Ethereum has seen explosive growth in decentralized finance and other areas, causing user activity on the blockchain to surge.

Ether performance in 2021. Source: Digital Assets Data

Raoul Pal, CEO of Real Vision Group, pinpointed the technical structure of ETH’s price. He emphasized that the structure is strikingly similar to Bitcoin (BTC) in 2016, which means a prolonged bull rally could emerge.

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The combination of Metcalfe’s law, a strong technical structure and rising user activity could fuel ETH’s momentum throughout the ongoing rally.

ETH/USDT daily candle price chart (Binance). Source: TradingView.com Pal: It’s all about Metcalfe’s law

According to Pal, the price of ETH is the same as BTC in 2017, with the same market cap. If ETH follows the same trajectory as Bitcoin, it could see a significant rally in the long term.

Whether this will

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