As a researcher with a background in cryptocurrencies and blockchain technology, I find CrediBULL crypto’s bullish stance on Ethereum intriguing, especially given the recent price pressure. The analyst’s comparison of Ethereum to a higher beta version of Bitcoin makes logical sense, as Ethereum has shown greater volatility in the past. However, it is important to note that past performance is not indicative of future results.
Recently, the cost of Ethereum (ETH) has faced significant downward pressure in the context of the broader market’s consolidation. On June 13, 2022, despite Gary Gensler, the chairman of the Securities and Exchange Commission (SEC), announcing that a spot Ethereum exchange-traded fund (ETF) would become available for trading by the end of summer, the ETH price still hovered below $3,500.
Despite the current dismay within the Ethereum community, market analyst CrediBull crypto remains optimistic about Ethereum’s future value. They predict that Ethereum’s price will reach $10,000 during the upcoming bull market. Furthermore, they assert that it is unlikely for Ethereum to remain stagnant while investors anticipate Bitcoin surpassing the $100,000 mark.
Despite acknowledging a potential decrease of 20-30% for the ETH/BTC ratio, CrediBULL expressed his belief that the declines in ETH’s value relative to the US dollar would be minimal, with a maximum forecasted drop of only 10%.
According to CrediBULL Crypto’s assessment, Bitcoin is nearing its previous peak price, while Ethereum might experience a pause in price action close to its all-time high (ATH). The implication being that Ethereum investors should exercise patience as the market could display erratic price fluctuations before potentially soaring higher.
Photo: CrediBULL Crypto
“Just to keep it simple ETH is a higher beta version of BTC, if I think BTC can 2x from here realistically, then ETH should do at minimum, more than that. Even just a 3x would put us at 10k,” noted the analyst. He further added that once the Ethereum price crosses $10K level, it can continue its rally further to $20K.
Ethereum for Tokenization
At a recent Coinbase gathering, Samara Cohen, Blackrock’s Chief Investment Officer for ETF and Index Investments, expressed her viewpoint that traditional investors have lost interest in permissioned blockchains.
As a crypto investor, I’ve noticed an increasing agreement among industry experts to use Ethereum’s open-source platform for tokenization projects. The reason being, it is essential to preserve market liquidity while avoiding fragmentation.
Speaking on the development, Ethereum enthusiast Anthony Sassano said:
As a crypto investor, I can’t stress enough the importance of carefully considering this piece of information. An executive from BlackRock, the world’s largest asset manager, has publicly expressed his belief that the future lies in public blockchains, and more specifically, Ethereum. If this revelation doesn’t ignite a sense of bullishness within you, then perhaps it’s time to reevaluate your investment strategy.
It’s intriguing to consider if the Ethereum price will reach new peak levels prior to the launch of tradable spot Ethereum ETFs.
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2024-06-14 17:31