As a seasoned researcher with a decade-long career in cryptocurrency analysis, I find it intriguing to see such optimistic predictions for Ethereum’s price, especially given its underperformance relative to Bitcoin this year. However, as someone who has seen many bull and bear cycles, I’ve learned not to dismiss any prediction outright.
As a crypto investor myself, I’ve learned about Javon Marks’ prediction that Ethereum (ETH) could surge by an impressive 75% and potentially reach $4,723. According to his analysis, this parabolic rally seems plausible for the second-largest cryptocurrency by market cap due to certain reasons he outlined.
Why A Rise To $4,723 Is Possible For Ethereum
In a recent post on X (previously known as Twitter), Marks predicted that Ethereum’s price could surge to $4,723 due to ongoing bullish divergences during an extended uptrend. He further stated that this significant 75% increase and beyond might materialize if the breakout and divergence remain strong.
Based on the graph Mark provided, it appears that Mark anticipates Ethereum’s cost could escalate to around $8,348. However, he didn’t specify a time frame for when this target might be reached. Another crypto analyst, Altcoin Daily, recently forecasted that Ethereum could exceed $8,000, with his maximum price prediction for this bull run being $8,800. Similarly, Poseidon predicts that Ethereum’s cost may reach as high as $8,000.
DavidOnCrypto, a crypto expert, has given an estimated timeframe for Ethereum potentially hitting $8,000 within the next six months. His prediction suggests that this increase in ETH price would resemble Bitcoin‘s rise from $25,000 to $70,000.
Investors of Ethereum may feel cautious about such price predictions, given its relatively poor performance against Bitcoin throughout the year so far. Nevertheless, crypto experts such as Roman believe that Ethereum’s opportunity to experience a significant upward trend, similar to a parabolic rise, will emerge during this market cycle.
The analyst pointed out that it’s not uncommon for the price of Ethereum to trail behind while Bitcoin sets new record highs. He reminded us of a similar situation in 2020, when ETH dropped by 80% from its peak while Bitcoin surpassed its own all-time high (ATH). Roman anticipates that Ethereum will have its surge by the end of the year, because he thinks that liquidity will start moving from Bitcoin to Ethereum and other alternative cryptocurrencies around that time.
Some Positives For ETH
According to crypto expert Crypto Kaleo, he feels certain that Bitcoin’s influence has peaked in this cycle. This could be a good sign for Ethereum’s value since Crypto Kaleo predicts that other cryptocurrencies, starting with the leading one, ETH, will start gaining traction. He further stated that the true altcoin boom happens when Bitcoin’s market share falls below 50%.
Over the past while, the Grayscale Ethereum Trust (ETHE) – a significant seller of Ethereum – saw its first day with no trading activity since it transformed into an Ethereum Spot Exchange-Traded Fund (ETF).
It’s clearly advantageous for Ethereum that ETHE, the Spot Ethereum ETF, managed to record a day without outflows after only 14 days of trading, in contrast to Grayscale’s Bitcoin Trust (GBTC), which needed 78 consecutive days with outflows before it saw a day without any.
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2024-08-14 03:40