In summary:
- Timothy Peterson has forecasted that Ethereum will continue to outperform Bitcoin in the short-term
- He also forecasted that Ethereum could hit $4k in Q2
- Ethereum just hit a new all-time high of $2,146 – Binance rate
- A consolidation above $2k is bullish for Ethereum and will provide a springboard for a push higher
In a recent Twitter commentary, Timothy Peterson of Cane Island Alternative Advisors forecasted that Ethereum will continue to outperform Bitcoin in the short term. Key to Mr. Peterson’s analysis is Ethereum’s historical performance against Bitcoin with ETH on average, outperforming BTC in the first five months of the year.
Below is Mr. Peterson’s tweet highlighting the possibility of Ethereum outperforming Bitcoin. Within the tweet, is a chart that provides historical data of Ethereum’s returns relative to Bitcoin. At the bottom row of the chart, is the average returns of Ethereum vs Bitcoin throughout the year.
#QED (again). When I tweeted this, #ethereum was $1,000. If history is a guide, $ETH will continue to outperform #bitcoin in the near term. https://t.co/SCIIPxzy64
— Timothy Peterson (@nsquaredcrypto) April 2, 2021
Ethereum Could Hit $4k in the Next 3 Months
In a February 20th tweet that can be found below, Mr. Peterson also forecasted that Ethereum could hit $4k in the next 3 months. Doing the math, 3 months from late February equates to a late May possibility of Ethereum hitting his target.
#Ethereum could hit $4,000 in the next 3 months.https://t.co/vyMcBhSR7G pic.twitter.com/viEtUpmc0w
— Timothy Peterson (@nsquaredcrypto) February 20, 2021
Ethereum Sets New All-time High of $2,146 – Binance Rate
At the time of writing, Ethereum is trading at $2,115 after setting a new all-time high of $2,146 only a few hours ago. The $2k price area is now a valuable support zone for Ethereum and ETH maintaining a value above this level will be crucial in ETH pushing higher.
In an earlier analysis, $2.5k was floated as a possible short-term target for Ethereum and if the current momentum is maintained, this level could be reached in the coming week. The possibility of Ethereum hitting this value is further affirmed by a stable Bitcoin that has its eyes set on $60k and beyond.