Content Index
Toggle
Ether is expected to break $10,000 this year
When can ETH break its all-time high?
Juan Leon, a cryptocurrency research analyst at Bitwise, said in an interview with CoinDesk Markets Daily that “Ether is likely to break $8,000, $10,000, or even higher this year. While Bitcoin ETF has attracted all the attention, Ether has two major catalysts that can make it the focus of attention.”
These two catalysts are the “London Upgrade” and the “potential Ether ETF.”
Juan Leon explained that the London Upgrade, which will be deployed on the mainnet this month, will make transactions on Layer 2 networks cheaper, which will promote activity and even attract mainstream consumers’ demand for Ethereum. Most of the market’s positive sentiment will emerge in the weeks and months after the upgrade.
Following this is the result of the application for Ether spot ETF. Currently, the key date is expected to fall on May 23, as this is the “final decision day” for the Ether ETF application submitted by VanEck. Juan Leon, the analyst, said that the possibility of approval is not as clear as the Bitcoin spot ETF earlier this year (Juan Leon believes the possibility of approval is only 50%-60%), but this possibility will inject vitality into the Ether market.
Although BTC has reached a new all-time high this week, Ether is still about 20% lower than its historical high in 2021. Many people want to know when it will be Ether’s turn. However, the fact is that this trend is similar to what happened in past market cycles. Bitcoin always leads the market recovery from the bottom, while Ethereum and other smaller altcoins lag behind.
In late November 2020, BTC reached a historical high of $19,000, while ETH was still hovering below $600, about 60% lower than its peak in 2018. A few weeks later, when BTC decisively broke the previous historical record price, ETH began a months-long rally, eventually reaching a peak of $4,400 in May.
Therefore, based on past experience, Bitcoin may have to break and stabilize at $69,000 before Ether can reach a new all-time high.
