Crypto Analyst: Ethereum ($ETH) Price Could Reach ‘$6,000 to $7,000’ by Year End
Just days after Ethereum’s London hard fork went live on the mainnet, crypto analyst and influencer “Coin Bureau” (“@coinbureau” on Twitter) talked about $ETH and his end-of-year price target for it.
in a video (titled “TOP Altcoin Picks 2021 Q3”) released on YouTube channel “Coin Bureau“, the show’s pseudonymous host told the channel’s over 1.2 million subscribers why he is so bullish on $ETH, which he had as his #1 alt coin for the remainder of 2021.
Here are a few things that he said about Ethereum in this video:
- Although Ethereum’s upside potential is perhaps less than that of the other altcoins mentioned in the video, Ethereum has “a much higher chance” of achieving this potential for several reasons, e.g. the fact that EIP-1559 went live (as of the London hard fork) on August 5, which could in future (i.e. after “The Merge”) turn $ETH into a deflationary asset.
- The approval of an $ETH ETF by the U.S. Securities and Exchange Commission (SEC) could be “imminent” since there are currently two ETH ETF proposals before the Commission and neither has so far been rejected or “postponed”.
- Retail adoption is “going through the roof”, with Ethereum “recently surpassing Bitcoin in daily active wallet addresses”.
- Public and private institutions have been “itching for Ethereum for both development and investment purposes”.
- Many institutional investors seem to currently prefer $ETH to $BTC partly because Ethereum 2.0 uses proof-of-stake (PoS) consensus; institutions like PoS blockchain because they can “easily buy their way and use their voting power to change them to their liking”. Of course, staking is all a good way to earn passive income.
- It is easy to “make the case for a $6,000 to $7,000 ETH by year’s end”.
Another crypto analyst who also seems to believe that EIP-1559 has helped to push up the $ETH price (and that it will continue to do so in the future, especially after the transition to ETH 2.0 has been fully completed sometime in H1 2021) is Lark Davis, who said earlier today:
According to data by TradingView, on crypto exchange Bitstamp, the $ETH price hit today’s intraday high of $3,325 at 07:32 UTC. Currently (as of 20:30 UTC on August 14), ETH-USD is trading around $3,229, i.e. up 62.34% in the past one-month period.
The views and opinions expressed by the author, or any people mentioned in this article, are for informational purposes only, and they do not constitute financial, investment, or other advice. Investing in or trading cryptoassets comes with a risk of financial loss.