|

Ethereum price could continue uptrend as altcoin sets eyes on $6,000 target

  • Ethereum price could recover from its downtrend as Bloomberg analyst predicts the altcoin is currently undervalued. 
  • Proponents note a spike in anticipation ahead of the upcoming merge on the Ethereum mainnet. 
  • Analysts have predicted a massive breakout in Ethereum price as the altcoin posts nearly 22% gains over two weeks. 

Ethereum price posted massive gains over the past two weeks as the altcoin continued its uptrend. Analysts have evaluated the Ethereum price trend and noted that the altcoin is undervalued; there is a likelihood of a rally to a $6,000 target. 

Ethereum price prepares for breakout 

Ethereum price has posted double-digit gains as investors turn bullish on the altcoin. A Bloomberg analyst believes Ethereum is currently undervalued. Jamie Coutts, a crypto market analyst at Bloomberg, believes Ethereum is yet to fulfill its potential. 

Coutts has predicted a 100% price rally in Ethereum. The analyst believes Ethereum has a “unique blend of equity, commodity and monetary characteristics.” The analyst argues Ethereum price could climb to $6,128. 

Justin Bennett, a crypto analyst and trader, believes the turnaround in Ethereum price arrived two weeks ago when the altcoin witnessed a trend reversal. 

Post the arrival of the merge on the testnet; the Ethereum community is awaiting the upgrade on the mainnet. Proponents believe the merge would have bullish implications for Ethereum price. The possibility of earning returns on staked Ethereum has attracted investors to the altcoin, while the merge promises to reduce energy consumption by 99.95%. These updates are considered bullish for the Ethereum price. 

Institutional capital inflow in the altcoin has increased systematically, ahead of the reduction in energy consumption. Alongside the energy reduction, there is a considerable impact on the altcoin’s circulating supply as the net issuance witnesses a significant drop.  

FXStreet analysts believe Ethereum price could rise to $3,500 over the weekend as the altcoin continues its uptrend. Analysts have noted bullish momentum in the altcoin. 

Author

Ekta Mourya

Ekta Mourya

FXStreet

Ekta Mourya has extensive experience in fundamental and on-chain analysis, particularly focused on impact of macroeconomics and central bank policies on cryptocurrencies.

More from Ekta Mourya
Share:

Editor's Picks

XRP extends recovery as ETF inflows, futures interest stabilize
Ripple (XRP) ticks higher, trading at $1.42 on Wednesday while building on a recently confirmed support range between $1.30 and $1.35. The token also sits above major moving averages, reinforcing the bullish outlook. However, upside could remain capped unless the psychological barriers at $1.50 and $1.70 are cleared, paving the way for an extended recovery above $2.00.
Crypto Today: Bitcoin, Ethereum, XRP regain strength as US Treasury doubles down on buybacks
Bitcoin (BTC) is trending higher alongside other major cryptocurrencies on Wednesday. Ethereum (ETH) has reclaimed $2,500 as short-term support, raising the odds that the uptrend will gain momentum. Meanwhile, Ripple (XRP) shows signs of recovery, trading near $1.44 while supported by key moving averages.
Bitcoin climbs as Oil tops $100, equities drop after Iran strikes
Bitcoin rose as much as 1.6% since midnight UTC to $79,742 as U.S. Central Command said it destroyed five Iranian oil tankers on Tuesday night and Tehran responded with missile strikes on American bases in Jordan. Brent crude topped $100 a barrel for the first time since July. The largest cryptocurrency was recently trading near $79,000. Ether is 0.3% higher at $2,490 and XRP has added 0.4% to $1.42
Zcash breaks above 2018 highs, eyes 1600–2500 [Video]
We have talked extensively about the bullish outlook for Zcash (ZECUSD) over the past year, repeatedly highlighting the potential for a move back toward the 2018 highs and the $1,000 area. As anticipated, Zcash has now broken above its 2018 highs and pushed into the $1,000 region. The key question now is: how much upside remains?
Bitcoin: Gearing up for a sharp move
Bitcoin (BTC) is trading around $81,000 on Friday, up over 4% so far this week, and awaits a key catalyst that could determine its next directional move. Strong institutional demand is supporting the bullish price action, with spot BTC Exchange Traded Funds (ETFs) on track to record a third straight week of inflows.