three causes analysts say Ethereum could 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. 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 (BTC) in 2016, which means a prolonged bull rally could emerge.

ETH/USDT daily candle price chart (Binance). Source: TradingView.comTotal value locked in DeFi. Source: Defipulse.com

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