|

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:

Markets move fast. We move first.

Orange Juice Newsletter brings you expert driven insights - not headlines. Every day on your inbox.

By subscribing you agree to our Terms and conditions.

Editor's Picks

Pi Network Price Forecast: Bearish streak nears critical support trendline

Pi Network (PI) edges lower on Friday for the third consecutive day, approaching a local support trendline. The on-chain data suggests an increase in supply pressure as Centralized Exchanges (CEXs) experience a surge in inflows.

Top Crypto Gainers: Zcash rallies as MYX Finance, Dash test critical EMA levels

Zcash , MYX Finance, and Dash are the top-performing assets in the top 100 cryptocurrency list over the last 24 hours. The privacy coin leads the rally while MYX and DASH struggle to clear their 100-day Exponential Moving Averages (EMA).

XRP slides amid record on-chain activity, mixed technical signals

Ripple is trading under pressure at the time of writing on Thursday, after bulls failed to break the short-term resistance at $2.22. The reversal may extend toward Monday’s low of $1.98, especially if risk-off sentiment persists in the broader cryptocurrency market.

Aster lags recovery as perpetual DEX releases new roadmap on infrastructure, utility and ecosystem 

Aster is consolidating above $1.05 at the time of writing on Thursday, reflecting lethargic sentiment in the broader cryptocurrency market. The token native to the perpetual DEX had recovered from Monday's low of $0.88 but stalled around $1.08 on Wednesday.

Orange Juice Newsletter – Smart insights by real people. Every day.

A free newsletter highlighting key market trends to help traders stay a step ahead. Daily insights on the most relevant trading topics, compiled by our experts in an easy-to-read format so you never miss an important move.

Bitcoin: BTC steadies as data suggests local bottom

Bitcoin (BTC) hovers around $91,000 at the time of writing on Friday, extending its recovery by 5% so far this week. On the institutional front, a modest outflow from US-listed spot Bitcoin Exchange Traded Funds (ETFs) marks a slowdown from previous weeks and signals a reduction in selling pressure, further supporting BTC’s recovery.