An analyst who accurately predicted the bottom of the cryptocurrency market last year shared altcoin comments. The expert named the bullish expectation for the leading altcoin Ethereum (ETH). Moreover, he suggests that the coin is ready to enter “beast mode”. Here are the market comments of Chris Burniske, manager of Placeholder…
Analyst bullish for this altcoin
cryptocoin.com As we reported, an investor who correctly saw the bottom of last year’s crypto bear market thinks that Ethereum (ETH) is poised for a bullish move next month. Chris Burniske, director of venture capital firm Placeholder, said he believes crypto is looking strong despite the recent market-wide pullback.
“From where I sit, I am surprised that crypto has not pulled back any further, given the weakness in equities and the upward repricing in rates,” Burniske said. Therefore, he states that he is “on hold” in the cryptocurrency space. “Of course we can pull back a little bit more in the short term,” the analyst said, adding that he doesn’t believe in “calls for a new bottom anytime soon.” He even called the fall calls “stupid”. “The pullbacks, I think, point to consolidation within the current uptrend,” he added.
Ethereum upgrade a key catalyst
The venture capitalist also thinks that an incoming upgrade for Ethereum could act as a bullish catalyst for the leading smart contract protocol. The analyst used the following statements:
In January, BTC became monstrous, ruling the rest of the cryptocurrencies. We mostly consolidated in February. ETH will be monstrous in March, leading the rest of the market with the Shanghai upgrade driving ETH staking streams.
The upgrade, also known as Ethereum Healing Proposal 4895 (EIP-4895), allows users with staked ETH to withdraw their holdings. The update is scheduled to be released next month. In fact, one of the developers of the network recently made an update about testing staked ETH withdrawals on the Shanghai testnet and stated that there were no issues. The team was working on this update on the Sepolia testnet before the much anticipated launch on the Ethereum mainnet in March.
Ethereum network activated
ETH developers got into the act with a big upgrade just around the corner. According to data from Santiment, development activity jumped sharply last week. At the time of writing, Ethereum is trading at $1,615. The second-largest crypto-asset has been mostly sideways for this month after opening at $1,594 in February. It’s up 0.2% in the last 24 hours. In the last 7 days, it has lost its momentum by 5%.
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