Analyst of the popular cryptocurrency channel Coin Bureau, nicknamed Guy, shared his views on Ethereum. The analyst voiced the bullish trend towards the leading smart contract platform Ethereum (ETH).
Guy told his 2.21 million YouTube subscribers that Ethereum (ETH) will see a higher price this year after rallying over 55% from its 2022 low.
As it is known, the altcoin network switched to the proof-of-stake mechanism with the update that took place last year. According to the popular crypto analyst, the deflationary nature of ETH revealed by this transition could trigger a new record for the second largest digital asset by market cap during the next bull cycle.
“I think we will see a higher ETH price by the end of the year. And at the height of the next bull run, it seems completely realistic that deflation will push ETH above all-time highs.”
NEWS CONTINUES BELOW
The leading altcoin, which reached an all-time high of $ 4,900 in November 2021, is trading at $ 1,575 at press time. Besides, Guy also said the following about the risks Ethereum faces:
“There are a number of risks ahead for Ethereum. First, there is the overall crypto market and macro environment. As impressive as Ethereum’s updates are, it will not move the price if the wider environment is in bad shape. Although the markets have been getting better lately, I think it’s a little early to expect this rally to continue unabated.
NEWS CONTINUES BELOWThere are also broader concerns about the legal status of ETH. While I don’t think the definition of a security is unlikely, it’s a risk we have to take into account. Another risk is of course centralization. I am also not unaware of the fact that Ethereum is competing with other layer-1s. Many are well-funded and growing their ecosystems.”
You can follow the current price action here.