An analyst specializing in cryptocurrencies has shared an optimistic forecast for Ethereum, the second-largest cryptocurrency by market cap, suggesting a potential rise in ETH price 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, projecting an impressive $8,000.
However, in his forecast, analyst Bluntz cautioned about the cryptocurrency’s price action, emphasizing that Ethereum must first overcome several obstacles to achieve this monumental value.
In his recent analysis, the expert outlined key benchmarks for the cryptocurrency to reach the $8,000 target. The analysis underscored the unlikelihood of a straightforward ascent. Bluntz’s forecast emphasized a potential new dip in Ethereum before a significant rally for the leading altcoin.
The specialist pointed out a crucial move required to meet the target: The second-largest cryptocurrency in the market must “sweep $2,800, take out the low, and recover it.”
At the time of writing, the price of Bitcoin was quoted at $57,157.53, marking a 1.7% decrease in the last 24 hours.
The highest price ever paid for Ethereum (ETH) was $4,878.26, recorded on November 10, 2021. Currently, the price is 36.45% lower than its historical peak.
According to Matt Hougan, Chief Investment Officer (CIO) at Bitwise Asset Management, the outlook for Ethereum looks promising. In a recent interview with Scott Melker, Hougan expressed a bullish view on the second-largest cryptocurrency by market capitalization, citing two key factors that could drive its appreciation in the medium term.
Hougan highlighted that the imminent approval of Ethereum exchange-traded funds (ETFs) could attract approximately $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 any 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 58% Yield in 2024
Vitalik Buterin defends automated software for 51% attacks.
