ETH Market Analyst Says Ethereum Could Hit $10,000 Soon

An ETH Market analyst says Ethereum could hit $10,000 by the end of this market cycle as it was outperforming Bitcoin in 2020 and hit $460 as of the time of writing, Ethereum peaked even higher during the summer so let’s read more in today’s ethereum news.

After the rally, the coin remained far below the all-time high price level of $1,450 which was set at the peak of the bubble during 2018. The ETH market analyst thinks that Ethereum could shoot past the all-time high level by the end of this market cycle. The analyst, who has a Ph.D. in engineering, stated that he believes the cryptocurrency will move past $10,000 in the upcoming market cycle. Referencing the charts which show the scenario playing out in the next three years, the analyst stated:

“If $ETH continues on in this manner and is in fact one market cycle behind #BTC, then we make peak at approximately 1,000% above the fair value in a few years. If this happens in say, 2023, then this could put a theoretical peak just shy of a modest $10k per #ETH.”

eth chart — Chart of ETH’s price action since it began trading with an anaylsis by crypto trader Into the Crypto Verse (same handle as name on Twitter).

Chris Burniske who is a prominent bull on Ethereum didn’t see exactly to expect a rally to $10,000 but he said however that we should expect a move towards $5,000 and potentially beyond this cycle. Commenting on how Bitcoin will under pace ETH this cycle, the partner at Placeholder Capital said:

“Meanwhile, to the mainstream $ETH will be the new kid on the block — expect a frenzy to go with that realization. Given $ETH’s outperformance of $BTC over its lifetime (chart below again), not to mention smaller network value and strong on-chain economies, I see every reason for $ETHBTC to surpass ATHs.”

Burniske added:

“Meanwhile, to the mainstream $ETH will be the new kid on the block — expect a frenzy to go with that realization. Given $ETH’s outperformance of $BTC over its lifetime (chart below again), not to mention smaller network value and strong on-chain economies, I see every reason for $ETHBTC to surpass ATHs. Ethereum’s #DeFi boom, and the current #NFT craze, are fueling the need for other SC protocols to take some of the load. As much as high gas fees signal the value of Ethereum, they also signal the need for things other than Ethereum. Layer-2s + 2.0 won’t fix this entirely.”

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