Real Vision CEO Raoul Pal said after a month-long correction in the markets Ethereum He commented on the bullish sentiment for (ETH) price.
The former Goldman Sachs executive thinks ETH could be laying the groundwork for a big run up in a new strategy session.
I have really ascended. I’m looking at the chart. The graphic looks great. I feel like we just had a nice month-long fix. I’m looking at the ETH chart but you can use any chart. I don’t know what it is, but something is triggering it. I then looked at all the other highs before the low and then things like Amazon in 2003-04. I look at all these things and it normally always goes higher and faster than people expect. And then it fixes.
Raoul Palhas set a price target of $2,000 to $3,000 for Ethereum to continue bullish. However, he thinks it could rise even higher as ETH is used up, as it is burned and becomes more scarce.
It could be anywhere from $2,000 to $3,000. Let’s call it like this. It could be even higher. I do not know. Because there is a lot of mechanics in ETH and it is very disproportionate due to combustion. The more people come to the network, the less ETH will be. I think this could become a problem for ETH but it will add a lot of upside volatility to ETH.
Pal says Ehtereum could go into an unexpected V-shaped rebound.
There is a risk of a V-shaped uptrend. I think that’s the under-priced risk.
You can follow the current price action here.