- Ethereum is expected to shoot higher in the weeks ahead despite the recent price consolidation.
- The cryptocurrency has held well in the high-$500s despite some downward pressure in the Bitcoin price.
- Analysts think that ETH could push toward $900 and beyond in the near future, especially due to the positive fundamental event of the ETH2 launch.
- Boosting Ethereum’s prospects, analysts are also bullish on Bitcoin.
ETHEREUM COULD SHOOT EVEN HIGHER, LEADING ANALYSTS SAY
Ethereum is expected to shoot higher in the weeks ahead despite the recent price consolidation. The coin has maintained the high-$500s, holding below its year-to-date highs of $620.
Boosting Ethereum’s prospects, analysts are also bullish on Bitcoin. BTC is expected to push higher as institutional players continue to embrace this space. This buying pressure from Wall Street will drive Bitcoin toward $100,000, say some investors, such as the CIO of Off the Chain Capital and Preston Pysh, a financial analyst.
Chart of ETH's price action over the past few years with an analysis by crypto trader Cactus (TheCryptoCactus on Twitter). Source: ETHUSD from TradingView.com
“Further reducing the potential issuance of ETH 2.0 until Phase 1.5 are the likely shape of the staking adoption curve, validator performance, and transaction fee burns (EIP 1559). Staking participation will likely start low and increase over time as holders gradually become more comfortable with the Beacon Chain and deposit more ETH into the deposit contract. The result of these three factors is that net issuance from ETH 2.0 could be significantly lower than what’s projected on the above chart.”
Analysts are also optimistic that ETH2 will mark a decisive upgrade for the usage of the protocol. This improved user experience could also drive further grow in the Ethereum ecosystem over time.