absolutely NOT.
ETH in the graphs almost matches BTC ups and down. In fact, many people were trading ETH for BTC in December.
But the main reason is that in no more than 6 months, ETH will go to PoS with Casper. Millions and millions of dollars in GPU's will be worth almost nothing, the market will collapse with GPU, prices will go down AF, and ETH will not be able to be mined.
ETH IS NOT THE WAY TO GO RIGHT NOW, and noone, (other than retardeds) would put money onto this. ETH mining is almost dead, and Vitalik knows this. He will try harder to implement Casper as soon as possible before the market crashes ETH value.
ETH is dead.
An interesting point of view. But why the transition to POS will cause a collapse? Many people believe that this will give the opposite effect to ETH and make it a TOP1 coin.
Have you seen the growth of network hashrate for ETH in the last month? by 13 of December, it was about 130.000 GH/s. Now, even with the cryptomarket full with blood, there are still 204.000GH/s working. Why would you still mine ETH at current prices?? well, that's why because almost all other coins are BTC-related. Sia, Decred, Monero, electroneum and others etc...almost all coins that were worth something, was because of the trading with BTC.
Once trading has been compromised, those farming with GPU's (the vast majority) have no place to put it but to ETH. And moreover, ETH is just following the same exact graphs of BTC. If this coin would be the possible nº1 coin, why would this coin follow BTC behavour over and over again?
Now, in the transition from PoW to PoS, people will actually get rid of the coins by sending them to the chain. According to what it has been said, you will receive "money" according to the use of that chain and your inputs. The more coins, more money. But, and this is the issue, the chain will be worth something if there is actually people that are using that coin for something.
Due to regulations, banks and goverments that are putting the greatest efforts to make it difficult for this technology to be effective (because they can't stand not having the control over the money, each one for it's own profit), the people with money to use the chain, are actually not using it. The market has halved it's value in just 1 month. almost 400.000.000.000 dollars have left the cryptocurrency market.
PoS will give you only a comission according to the "use" of the chain. But noone will tell you how much the chain will be used. Nowadays you have a value for ETH. currently...592€. Tomorrow you will still have a value. But when the market switches to PoS........who is gonna tell you what's worth the coins you actually sent to the chain?? and that's considering you could enter PoS. Because at the begining only large holder will be able to enter (those will be the lab rabbits).
I´ll make a guess. Days before PoS is implemented, ETH price will crash to almost nothing.