Ethereum Soars to Record Heights: As for the Fundamental Reasons… GameStop has nothing to do with it.

The GameStop fiasco did not trigger a rise in ether; look at the Elliott wave pattern.

Cryptocurrencies are knownas highly speculative markets with volatilefluctuations in prices. Most investors and traders view cryptocurrency as "catch and release" rather than "buy and hold". But this graph tells a slightly different story. This not only shows that cryptocurrency is # 1 in growth in 2020 and (so far) 2021 is the second on the list: Ethereum. But it also shows that after a sideways trend from August to October, ETH held and continued to hold its upside potential in a strong rally to record highs on February 3.
The demand to find the "reason" for Ethereum's growth wasshort-lived thanks to an event cited in countless news stories regarding recent movements in almost all financial markets: namely the GameStop fiasco.
If you have been to a lost island and notYou know what I'm talking about, the short version of the fiasco looks like this: Members of the r / WallStreetBets subreddit bought up and discussed the stock of GameStop (GME) (a video game retailer) AFTER a major hedge fund manager called GME buyers "suckers." This led to short squeezing by Wall Street investment firms, two manic weeks of price fluctuations, retaliatory restrictions on trading from online brokerage apps - and an alleged spill-over to markets across the spectrum, including cryptocurrencies like Ethereum, as these headlines directly suggest. :

Ethereum Price Predictions:will ETH set a new record after Reddit Rally? " (Feb 2 Investorplace) "Cryptocurrency Explodes After the GameStop Stock Incident" (Feb 1, BigCountry Homepage) "Ether reaches an all-time high, briefly topping $ 1,500. Amid WSB Trading News" (Feb 2, Coindesk )

"Cryptocurrency Ethereum (ETH) Has Reached Newa record Tuesday amid expectations that the recent GameStop (GME) trading saga will accelerate the adoption of cryptocurrencies and decentralized finance (DeFi) ... With investment and trading platform Robinhood stopping trading in some assets like GameStop ... the case for crypto is only growing stronger. "

But here's what this explanation leaves out:GameStop's "price war" began in mid-January. However, Ethereum's uptrend has been steadily observed since mid-November. In turn, the arguments for cryptocurrency and Ethereum in particular intensified long before the little-known Reddit forum started the war against Wall Street. In fact, in our Crypto Pro service dated November 13, we showed the following Ethereum chart, which is a very optimistic option. He showed prices at the start of the third wave rally and said: "We expect a break above 488.12 as the next key level, confirming that we are indeed marking wave three in three further in this pattern."
After that, Ethereum gained strength, and on December 3our Crypto Pro service said the cryptocurrency is on track to set new records. "A break above wave B high at 834.04 is the next target for the bulls and from there we expect Ethereum to record new all-time highs [above 1419] as the third wave forecast calls for significant gains in the next few weeks."
Now that Ethereum has set these new records, the question arises: is its winning streak over?

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This is why Bitcoin "rejected" the $ 42,000 mark

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