Cryptocurrency analyst Benjamin Cowen believes Ethereum’s bull cycle is simply getting began.
Cowen tells his 522,000 YouTube subscribers that the present trajectory of the second-largest cryptocurrency appears much like early 2016 and 2017, which ended up being intervals of consolidation previous giant strikes to the upside.
Ethereum’s market cap is roughly $417 billion on the time of writing, based on CoinGecko, and Cohen says he’s searching for it to rise above the $1 trillion mark.
“…Throughout this market cycle I anticipate Ethereum to have the ability to get to the $10,000 mark, plus or minus a number of [thousand]. Ideally, it’d be good if we might overshoot the 10k mark, however we at all times should be ready for something.”
In keeping with Cowen, Ethereum could also be getting into a “new regular” that sees the crypto asset rising steadily.
“And what’s occurring over right here [around the $3,500 price], the place we presently are, in my even maybe naive interpretation is I really feel like we’re getting accustomed to the brand new regular. My ideas are that Ethereum is having to get accustomed to the brand new regular and it could possibly take some time to get accustomed to the brand new regular.
You may take a look at this and say ‘nicely, Ben I imply it’s up from $1,700 to $3,400 is that not a 2X transfer?’ It’s and that’s nice and we wish to see it and we have to spend time at these ranges and show to the market that that is the brand new regular earlier than we will decisively transfer to a $5,000 ETH, the $6,000 ETH and better.”
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