- Ethereum’s value was $826 in 2017, and analysts argue that exponential growth and innovation could push the altcoin’s value higher.
- The Ethereum ecosystem continues to attract developers, use cases and media exposure, and there is room for growth in ETH price.
- Analysts argue that Ethereum is dirt cheap, and the dips in the altcoin’s price are attractive for ETH scoop buyers.
Ethereum price is currently undervalued and dirt cheap, ahead of the transition from Proof-of-Work to Proof-of-Stake, argue analysts who believe Ethereum’s value will multiply several times over the next few months following the Merge.
Also read: Is Ethereum a Security? Vitalik Buterin slams critics on Twitter
Ethereum price to explode following the Merge, say analysts
Ethernaz, a pseudonymous crypto analyst and NFT enthusiast, evaluated the recent crypto pump and compared it to previous bull markets. While analysts typically look back at history to predict exactly what will happen, Ethernaz argues that the current cycle is different from the previous time frame.
Investors expect a bull trap after the first cycle top and a double top like most cycles. Ethernaz argues that investors can witness a triple top in the ongoing cycle and a v-shape recovery like the S&P 500.
Ethereum’s peak in the 2017 cycle was $826, and in 2021 it was $4,850. Ethereum has witnessed massive technological innovation in the past four years, and the ecosystem’s value has multiplied more than six times. Ethernaz argues that Ethereum is currently undervalued and dirt cheap because of the development activity in the altcoin network. The rising number of dApps and developers in the ecosystem implies that ETH’s value is much higher than 6x its 2017 cycle top.
Since the Merge schedule went public, trading activity in the Ethereum network has increased. Luke Martin, a crypto podcast host, believes the recent price rally in Ethereum was a response to the news of the imminent Merge.
The results of the Goerli testnet will help developers determine whether the Merge will go live on schedule or if delays are expected. Haseeb Qureshi, crypto VC expert, believes Ethereum Merge would be delayed.
Ethereum price to continue its uptrend
Analysts evaluated the Ethereum price trend and believed the altcoin could continue its uptrend. Ethereum price will likely hit the $1,700 level, despite its high correlation with Bitcoin. The correlation between Ethereum and Bitcoin is 0.93, and a decline in BTC price is expected to increase pressure on the altcoin. However, BigCheds, a leading crypto analyst, argues that the Ethereum price has the potential to hit $1,700 in the current uptrend.
$ETH $1700 still makes sense even if $BTC rejects DEMA 34 given relative strength https://t.co/chWpRdViu2 pic.twitter.com/PrrEOSeGsk
— Cheds (@BigCheds) July 18, 2022
For price levels and more information on Ethereum’s trend, check this video:
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
Top 3 Price Prediction Bitcoin, Ethereum, Ripple: BTC declines as resistance emerges near all-time high
Bitcoin and Ethereum are approaching their key support levels, and a sustained close below these marks could lead to further declines.
TON set to launch synthetic Bitcoin to boost its DeFi solutions
TON revealed its plan on Thursday to launch a synthetic Bitcoin token on its blockchain, allowing users to trade, stake, and earn yield using BTC. Following the announcement, TON is down over 3%.
Maker Price Forecast: MKR could stage 40% rally
MakerDAO is up 2% on Thursday and could be set for a 40% rise in the coming weeks if it successfully maintains an extended move above the descending trendline of a falling wedge. On-chain data also supports the bullish outlook after a four-month-long decline.
USDT market cap crosses $120 billion as stablecoins continue their uptrend
The stablecoin market cap continued its uptrend in October, characterized by USDT reaching a $120 billion market cap, according to a CCData report on Thursday. This indicates that investors are preparing liquidity to fuel more demand.
Bitcoin: New all-time high at $78,900 looks feasible
Bitcoin price declines over 2% this week, but the bounce from a key technical level on the weekly chart signals chances of hitting a new all-time high in the short term. US spot Bitcoin ETFs posted $596 million in inflows until Thursday despite the increased profit-taking activity.
Best Forex Brokers with Low Spreads
VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.