Famous analyst Lark Davis claims that “Ethereum (ETH) is ready for 10K price level”. According to Lark Davis, the price of the leading altcoin Ethereum is on its way to reach $10,000. Davis stated that the Ethereum Layer 2 solution is one of the factors fueling the expected ETH increase.
Altcoin that Lark Davis saw at 10 thousand dollars
before too cryptocoin.comAs we announced in . Popular crypto analyst Lark Davis has once again released his Ethereum price prediction. Davis has a YouTube channel where he talks about all kinds of cryptocurrencies to avoid and invest in. The analyst currently has over 430,000 subscribers on his YouTube channel, where he shares his crypto beliefs. In one of his recent videos, Davis predicted that the popular altcoin project Ethereum is on its way to break above $10,000. He noted that there is not much price resistance for Ethereum at the moment. That is, there is not a huge amount of cryptocurrencies for sale as its value increases.
According to Davis, about 10 million Ethereums were purchased between $3,426 and $3,536. The amount of ETH purchased in the price range equals about 9 percent of the total supply of the second largest crypto by market cap. Davis said that instead of expecting a 5 to 10 percent gain in Ethereum holdings, 10 million ETH buyers are likely expecting a 5 to 10x increase. He added that some are long-term investors and some stake their ETH while earning passive income.
Factors pushing Ethereum to the $10,000 price level
In addition, the analyst also talked about the Ethereum supply crisis. Using a chart, Davis explained that the current supply of Ethereum on centralized exchanges has fallen over the past year. On the other hand, the supply of ETH outside of exchanges is constantly increasing. This shows that people are buying their crypto assets from exchanges to different platforms such as smart contracts. With the growing trend of non-fungiable tokens (NFTs), a large number of ETH moves from exchanges have been used to purchase NFTs. Ethereum price has been bullish during the same period as there has been a bearish trend in ETH available on central exchanges over the past twelve months. Davis said: “While the supply mechanics are working as they are, it’s only a matter of time before the Ethereum supply crisis raises the price drastically.” At the time of writing, ETH is trading at $3,093.
Also, Davis talked about the Ethereum layer 2 solution, which requires users to hold ETH to pay gas fees. The crypto supporter noted that Arbitrum is the top system running on Ethereum layer 2. Layer2 allows many people to use Ethereum without costly fees. Also, 7,682 million ETH (worth $25 million) is currently locked in the ETH 2.0 staking contract. Speaking more, the crypto Youtuber said that more people are talking about ETH than ever before. According to him, increased exposure to cryptocurrencies could result in an increase in its value.
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