By Tobi Loba
Ethereum (ETH), the second-largest cryptocurrency by market capitalization, has been performing as expected in terms of price appreciation since the beginning of 2020.
At the time of filing this report, the price of ETH is priced above $460 and the cryptocurrency is expected to replicate the current positive trend of Bitcoin (BTC) to move closer to breaking above $500 resistance.
However, this present trend cannot be compared to the record of $1,450 that was achieved during the crypto bubble of January 2018.
Despite the fact that the difference between the current and its all-time high is a lot, some analysts still believe that the leading cryptocurrency would surpass its record high in the coming market cycle.
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Analyst Says Ethereum (ETH) Is Poised To Hit $10,000 in the Coming Bull Cycle
A cryptocurrency quantitative analyst with a Ph.D. in engineering recently stated that he thinks Ethereum (ETH) could trend toward $10,000 in the next market cycle.
He captioned an illustrative chart, stating that the scenario could play out in the next three or four years:
“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.”
Another Crypto Analyst Corroborates
Another popular analyst that corroborated the assertion of Ethereum (ETH) surpassing its price all-time high is Chris Burniske. Although he didn’t exactly posit that the leading cryptocurrency would trend to $10,000, he expects a huge trend toward $5,000 and beyond in the next bull cycle.
Burniske noted:
“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.”
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However, the analyst stated that the digital currency will face stern competition from other smart contract chains:
“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.”