CrediBULL Crypto says that if Bitcoin price were to reach $100,000 in the near time, than Ethereum too would catch up rallying at least a 3x from the current levels.
Ethereum (ETH) price has recently come under strong selling pressure amid the broader market consolidation. On Thursday, June 13, despite the SEC Chair Gary Gensler stating that the spot Ethereum ETF will go live for trading by the end of summer, the ETH price continued to trade under $3,500.
While the Ethereum community seems dejected for now, market analyst CrediBULL crypto remains bullish on Ethereum, expecting its price to hit $10,000 during the next bull cycle. The crypto analysts added that it is impossible for Ethereum to stay in the same place, while investors expect the Bitcoin price to cross $100,000.
Although CrediBULL crypto acknowledged the possibility of a 20-30% decline in the ETH/BTC ratio, he said that ETH price downsides against the USD remain limited, a max of 10%.
CrediBULL Crypto notes that while Bitcoin approaches its previous all-time high, Ethereum may experience consolidation near its ATH before potentially rallying further. The analysis suggests that patience may be key for ETH investors, anticipating a period of choppy price movements before a potential significant upward move.
-
Photo: CrediBULL Crypto
- “Just to keep it simple ETH is a higher beta version of BTC, if I think BTC can 2x from here realistically, then ETH should do at minimum, more than that. Even just a 3x would put us at 10k,” noted the analyst. He further added that once the Ethereum price crosses $10K level, it can continue its rally further to $20K.
Ethereum for Tokenization
Speaking at a Coinbase event, Blackrock’s CIO of ETF & Index Investments, Samara Cohen, asserted today that permissioned blockchains have fallen out of favor among traditional market participants.
Instead, Cohen highlighted a growing consensus around utilizing open-source Ethereum for tokenization purposes, emphasizing the importance of maintaining liquidity without fragmentation in the market.
Speaking on the development, Ethereum enthusiast Anthony Sassano said:
“Seriously read and digest this. An executive at BlackRock (the largest asset manager in the world) is telling you that the future is public blockchains – specifically, that the future is Ethereum! If this doesn’t make you bullish, nothing will”.
It will be interesting to see whether the Ethereum price hits its new all-time high levels before the spot Ethereum ETFs go live for trading.
next