Ethereum made an all-time high yesterday, with prices moving past $4,600. This is great to see as the price of the coin has been stuck around $4,000 for quite a while. And now analysts are predicting with the latest price increase, Ethereum could cross $6k and trade between the $6k-$14k range. According to them, an impulse move could make this happen. So, let’s hope for the best.
Ethereum price target
It is clear that the price action of ETH has started to become bullish. The markets are pumping quite heavily, with Polkadot crossing its ATH yesterday and moving above $50. Other altcoins like SOLANA also did well moving past its ATH. So, it is clear that the rally for alts has begun. And it is just a matter of time before we see Ethereum moving as per the 2017 chart.
The increase in the price of Ethereum in 2017 was parabolic, and if a similar thing happens in 2021-22, we can easily expect a price movement past $10k easily. Plus, the current fundamentals of Ethereum are just too strong to ignore. The supply is dropping at a rapid pace, and at the same time, demand is increasing. Once Ethereum goes into price discovery mode like it happened when the price moved from $2,000 to $4,000 for the first time, the price movement will be massive.
Very important to note
Analysts are predicting positive price targets for Ethereum, but that is only possible if Bitcoin moves as expected. It is important that the price of BTC continues to rise and breaks critical levels like $73k, $87k-$90k so that altcoins can keep pumping. As we all know, that Bitcoin is like the king that everyone follows, and until it pumps, nothing will. The general pattern is when BTC pumps for a while altcoins consolidate, and then while Bitcoin moves slowly, altcoins continue to pump.
Let’s see if the price of Bitcoin holds strong at $60k and the price of Ethereum continues moving upward. If we see 2017’s pattern again, then the next price target is $15k.
What are your thoughts on the analysts predicting that Ethereum could cross $6k? And what do you think will be a conservative target for this bull run? Let us know in the comments below. Also, if you found our content informative, do like and share it with your friends.
Also Read: J.P. Morgan thinks Bitcoin’s fair price is $35k
