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Ethereum will be extremely bullish in 2022



Ethereum rose over 500% in 2021, significantly outperforming Bitcoin.

While Bitcoin has dominated the headlines this year, it is fair to say that the real action lies with Ethereum. Compared to an impressive nearly 100% increase in Bitcoin in 2021, Ethereum is up over 500%.

In the 131 days since EIP-1559 went live on the Ethereum blockchain, nearly 1.2 million ETH, currently valued at over $ 4.4 billion, have been burned. At this rate, an estimated 3.3 million ETH will be burned in a year. The burn rate was caused in large part by NFT trading, stablecoins, and DeFi protocols on the blockchain network.

Since the introduction of EIP-1559, the Ethereum blockchain has already given a taste of what will come after the switch to PoS. In November, the blockchain had its first week of deflationary spending, in which the amount of ETH burned by EIP-1559 was greater than the amount given as rewards to miners on the network. Many analysts, including Bloomberg Intelligence, speculate that the trend towards decreasing supply is very positive for Ethereum in the long run.

In the short term, the upside momentum will remain intact as long as ETH price stays above $ 4,000. On the downside, a break below 3,500 could open the door to a deeper correction with USD 2,000 as the next major support level, although this scenario is very unlikely.

Other cryptocurrencies are also looking very bullish. Decentraland is a virtual reality platform on the Ethereum blockchain that enables people to create and monetize content. The token has risen over 4,000% in the past 12 months.

The metaverse could also be one of the biggest emerging product and service trends of 2022, but investors don't need to wait to establish an early position in this potentially revolutionary trend.

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