A widely followed crypto analyst says Ethereum (ETH) could return to unexpected highs around $4,800 as hype builds for an ETH 2.0 merger.
A pseudonymous analyst known as Kaleo told his 530,000 Twitter followers that despite the broader downtrend in the digital asset market, it is ETH that is most likely to set new all-time highs for any cryptocurrency. I say yes.
Kaleo To tell As Ethereum’s Proof of Stake merge draws nearer, the “flipping” narrative will emerge. This is a prediction that the market cap of Ethereum could exceed that of Bitcoin.
“If there is any chance of a return to highs from here, it is ETH.
Assuming BTC rises to around $32,000 and ETH/BTC retests the pre-merge all-time high of 0.15 BTC ($3,564), ETH price is at $4,800.
I don’t think it’s much more than that, but if ETH gets close to these levels, all you’ll see on the timeline is flipping narrative hype. You’ve probably peaked and you should consider making a profit. ”
Kaleo has said that the possibility of Ethereum hitting new all-time highs is being considered, but that the ETH/BTC pair is likely to rise to around 0.112 BTC ($2,661). This is a level not seen since January 2018.
“In my opinion, the likely scenario is most likely resistance at an all-time high market cap ratio of 0.72, which is a 56% uptick from where it is now, and ETH/BTC close to 0.112. The ratio and the respective ETH price equates to ~$3600 given the $32,000 BTC scenario above.
Of course, you can apply that ratio transitively to your BTC target. For example, the range I’m looking at is $28,000-$33,000, so the ETH range is $3,100-$3,700. ”
At the time of writing, Ethereum is trading at $1,705, up 11% over the past seven days.
Don’t Miss a Beat – Subscribe to get encrypted email alerts delivered straight to your inbox
Price action confirmation
Please follow us twitterfacebook, telegram
Surf The Daily Hodl Mix
Disclaimer: Opinions expressed on The Daily Hodl are not investment advice. Investors should exercise caution before making risky investments in Bitcoin, cryptocurrencies or digital assets. Please note that your money transfers and transactions are made at your own risk and you are responsible for any losses you may incur. The Daily Hodl does not endorse the buying or selling of cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. The Daily Hodl participates in affiliate marketing.
Featured image: Shutterstock/3DD Character/monkographic