Ethereum has performed rather well in recent months, recovering completely from the March market cataclysm. The world’s second-largest crypto is now valued at $249 at the time of publication and a few analysts believe its rally is far from over.
One analyst, in particular, says it won’t come as a surprise for him if ETH surged to $1000 in the next 12 months.
ETH Rallying Above $1000 In Coming 12-24 Months?
Although ETH is still down 80% from its $1,432 all-time high registered two years ago, it has been showing incredible strength in the past couple of months. The asset has gained 21.7 percent in the past week alone. For perspective, bitcoin (BTC) is up “only” 13.4 percent over the same timeframe. As a result of this steady rally, more than 80% of ETH holders are now in the money (in profit).
Full-time crypto trader Michael van de Poppe, also known as crypto Michael, took to Twitter a couple of hours ago to express his optimism about the price of ethereum in the coming months.
In his tweet, Michael posited that it would not be surprising for him if ethereum skyrocketed to $1000 within a year or two.
Considering ETH’s performance in recent months, a $1000 target does not seem like a pie in the sky. Moreover, Michael’s optimism about ETH’s future price prospects has been echoed by other market observers, for instance, Raoul Pal, the founder of Global Macro Investor. Pal recently shared his analysis on Twitter, noting that ETH is primed to outperform bitcoin.
Pal added this important caveat: ‘Please remember, no tribal attacks about bitcoin vs ethereum. They are two different things and two different ecosystems.’
There Are Plenty Of Reasons To Be Bullish On ETH
Crypto Michael and Raoul Pal are just but a few of the popular market experts that believe ETH is poised to break new highs in the near future. Yet, there is quite a slew of fundamental reasons to be outlandishly bullish on the crypto-asset.
As ZyCrypto reported earlier, ethereum scaling might already be here. Ethereum creator Vitalik Buterin recently stated that the first phase of the network’s layer-2 strategy has “basically succeded”. This means that the scalability woes that have become synonymous with the Ethereum blockchain could soon be a thing of the past.
Also, ethereum’s DeFi has been booming lately. Following the mid-March crash, the value locked in DeFi slumped from around $1 billion to as low as $500 million. Since then, this value has recovered and now stands at $990.3 million.
Not to mention the ETH 2.0 upgrade which some analysts believe will have a much bigger impact on the crypto prices than the May 11 BTC halving.