Analysts are raising the bar on Ethereum due to an upcoming major upgrade. The leading altcoin will switch from mining to PoS Blockchain in September. A prominent Twitter analyst predicts that the ETH price will 2x on this date.
Ethereum may return to ATH levels with merge
Twitter analyst nicknamed Kaleo says that Ethereum has the potential to reach ATH price after the merger. With ETH 2.0, the price of Ethereum will make a surprise return to the $4,800 highs. Kaleo says that when Ethereum switches to PoS, the market cap of ETH will soon surpass Bitcoin. In Kaleo’s words:
If anything, ETH has the potential to return to its previous highs. If BTC rises to around $32,000 and manages to test its all-time high of 0.15 BTC ($3,564) before ETH/BTC merges, you’re looking at an ETH price of $4800.
Ethereum peaked at $4,891.70 in November of last year. Saying that he had a lot of fun at $ 4,800 after $ 3,564, the analyst predicts what will happen after this level:
There won’t be much to see after that, but if ETH even marginally rises above prices, all that appears on the charts will be the excitement surrounding the changing narrative. You should definitely consider making a profit when we arrive, because we will probably be at our most exuberant.
Altcoin analyst watches Ethereum versus Bitcoin
Kaleo acknowledges that Ethereum can reach new heights. However, he says the ETH/BTC pair is more likely to rise to around 0.112 BTC ($2,661), a level not seen since January 2018:
I think the most likely scenario is resistance at an all-time high market cap ratio of 0.72, which is a 56% gain from where we are now. Considering the $32,000 BTC example from above, that equates to one ETH. The ETH/BTC ratio is close to 0.112 and the corresponding ETH price is around $3600. Obviously, you can apply this rate transitively to your BTC target. As an example, the $28,000 to $33,000 range I’m considering equates to an ETH range of $3,100 to $3,700.
Ethereum on-chain data
On the other hand, Ethereum is leading the crypto market rally with a strong increase in address activity. As Santiment reported in a recent tweet:
Ethereum had a big Thursday, surging above $1,770 for the first time since June 10. This increase comes just two days after ETH marked a major move by surpassing 1 million for the first time in history after the ATH address event.
Also, NFTs in Ethereum markets are continuing steadily as July closes. As you follow on Kriptokoin.com, ETH founder Vitalik Buterin announced his new plans for Ethereum.
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