Crypto Analyst Nicholas Merten Says Traders Sleeping on Ethereum (ETH) – Here’s Why

Popular crypto analyst Nicholas Merten says that investors are currently overlooking leading smart contract platform Ethereum (ETH).

In a new strategy session, the host of DataDash tells his 507,000 subscribers that Ethereum’s Bitcoin pair (ETH/BTC) is flashing signals that suggest it is nowhere near the beginning of a bear market.

“If we take a look at the broader trend here against Bitcoin – and again this is probably one of the biggest key signals that we are not in a bear market – that this is not a time per se to panic.

All the while we’ve had this pullback, we’re setting in higher lows and generally consistent higher highs.”

Merten then says that while an examination of ETH’s last few weeks may appear bleak, the second-largest crypto asset by market cap is rebounding significantly faster than leader Bitcoin.

“Since we’ve started to see a bit of a bump in the market for BTC, it’s not just Bitcoin leading the way. Ethereum is rebounding even quicker. Of those lows we saw back at the end of January, we’ve been continuing to charter higher…

It looks exactly like a repetition of what we’ve seen back the past couple of times during these corrections.”

Merten says that ETH could break out sometime in March, possibly flipping Bitcoin in a massive rally.

“We’re going to be having some kind of breakout, a squeezing, a kind of coiling if you will, of price against [the] resistance point where things can really start to leapfrog higher going into the rest of 2022.

And this is where I really think genuinely that we’ve got a chance to be able to see the ‘flippening.’ A real reversal of Ethereum coming up as the top player in the market albeit probably for a short while…Ethereum might be able to come up and flip Bitcoin.”

Merten’s chart appears to indicate that he believes ETH could run as high as $10,000 at some point in mid to late 2022.

Ethereum is changing hands at $2,686 at time of writing, a 14% increase from its seven-day low of $2,353.

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Ethereum’s rise to No.1 crypto ‘seems unstoppable’ says deVere Group CEO

The CEO and founder of one of the world’s largest independent financial advisory organizations, the deVere Group, has stated that Ethereum’s price appreciation should continue to beat Bitcoin’s in 2021.

The deVere Group chief executive Nigel Green also believes that Ethereum’s value will exceed that of Bitcoin’s within a few short years.

“Ethereum is outperforming Bitcoin and it can be expected to continue this trend for the rest of 2021,” he said.

Ethereum has gained more than 300% so far this year whereas the world’s most popular digital asset is up 55% by comparison. “In fact, it has outperformed all other benchmark assets in the first half of this year,” added Green according to City AM.

The respected analyst attributed two key factors to Ethereum’s stellar performance in 2021. Ethereum has a higher level of real-use potential and is the most in-demand development platform for smart contracts he said, “thereby highlighting that network’s value not only as a platform for developers but as a worldwide financial utility,”

Secondly, Green commented that investor enthusiasm for the “game-changing” transition to ETH 2.0 represents a major boost not just for Ethereum, but for blockchain technology itself.

“Ultimately, this will mean that its value will exceed that of Bitcoin — probably within five years,”

The company executive isn’t bearish on Bitcoin however and remains confident that Bitcoin will hit, or even surpass, its mid-April all-time high of $65,000 by the end of 2021. However he concluded that:

“Ethereum’s ascent to the top of the cryptoverse seems unstoppable.”

In early June, deVere launched a fixed-yield bond that tracks futures of Bitcoin and Ethereum on the Chicago Mercantile Exchange.

Related: Ether already ‘flippening’ Bitcoin, says Celsius CEO

According to U.K. crypto exchange CoinJar, Ethereum has flipped Bitcoin in almost every metric that matters. In a blog post on Aug. 18, the exchange stated that Ethereum is already surpassing Bitcoin in a number of areas, including the number of transactions, total value transacted, daily active wallets, transaction fees and mining revenue.

According to Coinbase’s second quarter report, trading volume for Ethereum flipped that for Bitcoin for the first time in its nine-year history.

Trading in ETH made up 26% of total volumes in the second quarter, up from 21% in the previous three months, and higher than Bitcoin’s 24% for the period.


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Coinbase’s Q2 profits top $1.6B as ETH volume surpasses BTC’s for the first time

Coinbase generated $2.23 billion of revenue for the second quarter of 2021, as Ethereum (ETH) trading volume surpassed Bitcoin (BTC) for the first time on the platform.

Coinbase posted its Q2 report on Aug. 10 and the crypto exchange’s revenue beat analyst predictions — with industry standard financial estimators Refinitiv forecasting $1.78 billion in expected revenue for the firm. Coinbase’s earnings per share came in at $3.45, compared to estimates of $2.33.

The trading platform posted a net profit of $1.6 billion in Q2, a whopping increase of 4,900% compared to the $32 million recorded in the same period in 2020.

For the first time in Coinbase’s nine-year history, ETH flipped BTC in trading volume, with the assets representing 26% and 24% of total volume respectively. BTC trading volume declined 39% compared to Q1, while ETH increased 23% within that time frame.

In the report, Coinbase stated that the decline in BTC trading volume may have been the result of the total Bitcoin volume decreasing “as a percentage of global exchange spot volume,” along with the addition of many new assets which saw increased interest and speculation.

The firm attributed the rise in ETH trading volume to the growth in DeFi and NFT ecosystems, along with increased demand due to Eth 2.0 staking.

Coinbase saw a 38% increase in total volume compared to Q1, with the firm processing $462 billion of volume in the second quarter.

Operating expenses were also high, totaling $1.35 billion and equating to 67% of net revenue.

Related: Coinbase’s capital markets head reportedly leaves company

Coinbase stated that Q2 2021 was a “strong quarter” which saw “growth and diversification” across the platform, with the report emphasizing a significant increase in retail and institutional clients:

“Retail Monthly Transacting Users (MTUs) grew to 8.8 million, up 44% from Q1 2021. Verified Users were 68 million. We now have over 9,000 institutions who continue to deepen and broaden their activities in the crypto economy.”

Retail traders accounted for $145 billion worth of total volume, while institutional investors represented $317 billion, equating to increases of 20% and 47% compared to Q1 respectively.

Ten of the top 100 largest hedge funds in terms of assets under management (AUM) are clients of the platform:

“In addition, in recent months, we have formed partnerships with industry leaders including Elon Musk, PNC Bank, SpaceX, Tesla, Third Point LLC, and WisdomTree Investments.”