Ethereum (ETH) had an impressive week, rising more than 12% to roughly $3,400 as the entire cryptocurrency market rallied. While ETH was outpaced in percentage terms by other substantial cryptocurrencies such as Bitcoin (up 20%) and Solana (up 25%), mood stayed high owing to impending upgrades and possible regulatory acceptance.
During the week, the second-largest cryptocurrency by market capitalization approached $3,500, a significant resistance level, before retreating slightly. The gains came as the broader cryptocurrency market experienced current strength. Still, Ethereum’s percentage returns over the last week have lagged behind those of other competing cryptocurrencies.
A Popular Cryptocurrency Analyst Has Set a Price Target
CryptoBusy, a leading cryptocurrency expert, tweeted to his over 140,000 followers that Ethereum’s breaching of critical “golden ratios” from its all-time high was a positive sign.
The author suggests that if Ethereum’s dominance reaches 30%, the price of $ETH might exceed $15,000. However, if ETH dominance continues between 20 and 23%, $10k per ETH is still achievable because of a future Ethereum ETF, Dencun upgrade (shortened fees), and Verkle trees, which make ETH more appealing due to potential AI inclusion!
In conclusion, CryptoBusy believes Ethereum has the potential to hit $15,000 during this bull cycle if it rises to take 30% of the entire crypto market value once more. However, even if its market cap share remains between 20-23% as it is currently, $10,000 is an attainable goal due to upcoming updates that improve performance, as well as an ETF approval attracting institutional interest.
Release: The purpose of this content is only to provide knowledge. Readers have to do their own research before making investment decisions.
