A cryptocurrency analyst has shared an optimistic forecast for the second-largest cryptocurrency in the market, Ethereum, predicting a potential rise in the price of ETH to $8,000.
Despite skepticism from some industry analysts, a renowned cryptocurrency expert known as “Bluntz” on the X platform has highlighted a prediction of a new all-time high for ETH, reaching an impressive $8,000.
However, in his forecast, analyst Bluntz has issued a warning about the cryptocurrency’s price action, noting that to achieve this epic value, Ethereum must first overcome some obstacles.
In his recent analysis, the expert highlighted the key benchmarks for the cryptocurrency to reach the $8,000 target. The analysis emphasized the improbability of a straight shot upwards. Bluntz’s prediction emphasized that a further drop in Ethereum is likely before a major rally for the leading altcoin.
In his analysis, the expert pointed out an extremely important move to reach the target: the second-largest cryptocurrency in the market must “sweep $2,800, take the low, and recover it.”
At the time of publication, the price of Bitcoin was quoted at $57,157.53, down 1.7% in the last 24 hours.
The highest price paid for Ethereum (ETH) was $4,878.26, recorded on November 10, 2021. Comparatively, the current price is 36.45% lower than the historical peak.
Ethereum Could Reach All-Time High with ETFs and Network Upgrades, Says Bitwise CIO
The outlook for Ethereum (ETH) looks promising, according to Matt Hougan, the chief investment officer (CIO) at Bitwise Asset Management. In a recent interview with Scott Melker, Hougan shared his bullish outlook for the second-largest cryptocurrency by market capitalization, highlighting two key factors that could drive its appreciation in the medium term.
According to Hougan, the imminent approval of Ethereum exchange-traded funds (ETFs) could attract around $15 billion in investments over the next 18 months. “So, I think it’s a middle-of-the-road forecast. We may be higher, we may be a little lower, but I think $15 billion is in the pocket.”
Disclaimer: The views and opinions expressed by the author, or anyone mentioned in this article, are for informational purposes only and do not constitute financial, investment, or other advice. Investing or trading cryptocurrencies carries a risk of financial loss.
Editor’s Choice: Is Bitcoin-Ethereum ETF worth it? Analysis reveals a yield of 58% in 2024
Vitalik Buterin defends automated software for 51% attacks.