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 Happened: Guy Turner, the host of Coin Bureau, shared insights with his 2.53 million YouTube followers, suggesting that Ethereum (ETH) might reach its all-time high in 2025, following the anticipated Pectra upgrade.
The Pectra upgrade, expected in 2025, is a two-part hard fork designed to improve Ethereum’s speed, scalability, and usability. 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).
Turner 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.”
See Also: El Salvador’s Bitcoin Bet Is Paying Off—Here’s How Much The Country Is Up
Currently, 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.
Why 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.
Additionally, 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.
These 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.
Price Action: Ethereum is currently trading at $2,975, up by more than 2.3% over the past 24 hours, according to Benzinga Pro data.
Read Next:
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Photo courtesy: Shutterstock
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Comments
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
