Recently, the popular New Zealand-based cryptography analyst Lark Davis (@CryptoLark on Twitter), gave some of the main reasons for his belief that the ETH price of the dollars will exceed $ 10,000 in the long run.
Davis, who has long been bullish on Ethereum, believes three main drivers could help raise the price of $ ETH above $ 10: rising demand for $ ETH due to the growing popularity of decentralized finance ( DeFi) and non-fungible tokens (NFT). ; decrease in market supply due to continued accumulation by investors; and the transaction fee recording mechanism that was activated on 5 August as part of the London network upgrade.
Another cryptocurrency analyst who is also highly bullish on Ethereum is the host of the YouTube channel “Coin Bureau,” which, according to a report by The Daily Hodl, said in a video it posted Aug. 15 that the bull ETH doesn’t work “soon” soon:
“It’s hard to catch [a] look at all these fundamental factors and don’t be incredibly optimistic [Ethereum’s] future. The London Bifurcation has shown how easily the Ethereum community can execute fundamental protocol updates. It was a great demonstration of what we could expect to see when 2.0 updates begin to be implemented. With this merger of participation tests, we will see that ETH becomes ultra-solid money, money that will have a deflating supply year after year, day by day, block by block.
“And it seems that most of the cryptographic community agrees. ETH is being stacked, betting and removed from the free market. It is being considered as a rare reserve of value that will be achieved in a very short period of time in a year … Institutions are bothering, or should say ETH, as they continue to accumulate more. This is an issue I don’t see slowing down anytime soon.
“Given all these factors, I can see why options that expire next year have such high strike prices. The market momentum is on our side and the ETH bull is not just smoking.“
Also, he thinks it’s not crazy to think that the price of $ ETH could even be up to $ 17,000 in the long run:
“If ETH reached $ 17,000, that would give it a market cap equivalent to that of Microsoft. Is it inconceivable to know exactly what Ethereum might one day be?“
According to data from TradingView, on cryptocurrency Bitstamp, in the last period of a month, the price of $ ETH has increased by 56.72% against USD. Currently (at 16:15 UTC on August 22), ETH-USD is trading around $ 3,168.
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