Ethereum Skyrocket 70% To Reclaim Its Peak Once This Happens, Says Crypto Expert

Benzinga

2024/11/09

Ethereum ETH/USD could be on the cusp of a significant rally, according to a well-known crypto analyst, which would see the cryptocurrency skyrocket by nearly 70% to reclaim its all-time high. What ...

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Binance highlights that these changes will enable gas fees to be paid with any digital asset, offer larger rewards to bigger validators, and enhance the Ethereum Virtual Machine (EVM).\nTurner believes these improvements could be the catalyst Ethereum needs for a breakout, potentially attracting institutional investors. He stated, “ETH has been desperate for a breakout for quite some time. This could be the spark it needs.”\nSee Also: El Salvador’s Bitcoin Bet Is Paying Off—Here’s How Much The Country Is Up\nCurrently, Ethereum trades at $2,902, marking a 2% increase for the day. The cryptocurrency’s all-time high was approximately $4,900 in November 2021, and a return to that level would mean a 68% increase from its present value.\nWhy It Matters: The potential surge in Ethereum’s value aligns with broader market predictions. A recent note from Standard Chartered forecasts a fourfold increase in the digital assets market cap by the end of 2025, driven by anticipated regulatory shifts and mainstream adoption. This aligns with Turner’s prediction, suggesting a favorable environment for Ethereum’s growth.\nAdditionally, Ali Martinez, another prominent analyst, has expressed bullish sentiments on Ethereum, citing an attractive risk-to-reward ratio. Martinez’s strategy involves setting a stop-loss below $1,880 and targeting a take-profit price of $6,000, further indicating potential upward momentum for Ethereum.\nThese developments come amid discussions about the potential impact of the Bitcoin Act, which could reshape the U.S. economy by designating Bitcoin as a strategic reserve asset.\n\n\nPrice Action: Ethereum is currently trading at $2,975, up by more than 2.3% over the past 24 hours, according to Benzinga Pro data.\nRead Next:\n\nBitcoin, Ethereum, Dogecoin Slingshot To The Moon After Trump Victory But ‘Sharp’ Correction Might Be In Store\n\nDisclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.\nPhoto courtesy: Shutterstock Market News and Data brought to you by Benzinga APIs© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"2","news_tag":"","news_rank":0,"symbols":[],"gpt_button":0,"need_auth":false,"code":"91000000","status":"200"}}}