A widely followed crypto analyst claims that Ethereum (ETH) could unexpectedly hit highs around $4,800 as the excitement over the ETH 2.0 update rises.
The analyst, known by the alias Kaleo, has 530,000 Twitter followers and believes that ETH has the best chance for any crypto-asset to hit all-time highs, despite the broader bearish trend in the digital asset market. thinks.
Kaleo believes that with Ethereum’s transition to proof-of-stake (PoS), a narrative of “flippening” will emerge, a statement that the market cap of ETH could surpass that of the leading crypto Bitcoin.
“If there is a crypto that has a chance to bounce higher from here, it’s ETH.
Assuming BTC hits $32,000 and ETH/BTC manages to retest its previous all-time high of 0.15 BTC ($3,564) before the update, an ETH price of $4800 emerges.
Don’t think this is too much, but if ETH approaches these levels, all you’ll see on the timeline will be the excitement of the flippening narrative. While we are there, we will most likely be at the peak of enthusiasm and you should definitely consider taking profits.”
While Kaleo says the possibility of Ethereum hitting all-time highs is on the table, he says that the ETH/BTC pair is more likely to rise to 0.112 BTC ($2,661), a level not seen since January 2018.
“I think the higher probability scenario is most likely resistance at market cap ratio of 0.72 all-time high; this represents a 56% increase from where we are now, which equates to an ETH/BTC ratio close to 0.112 and a corresponding ETH price.
Considering the $32,000 BTC scenario above, it’s around $3600. You can obviously apply this rate transitively to your BTC target. For example, the range I’m looking at is $28,000 – $33,000, so the ETH range is $3,100 – $3,700.”
You can follow the current price action here.
Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, Koinfinans and the author of this content cannot be held responsible for personal investment decisions.