Could Ethereum Be on the Brink of Catching Fire

Watcher.Guru
Source: Cointelegraph.com

A widely followed crypto analyst, Justin Bennett thinks Ethereum is gearing up for a massive rally that could see the crypto asset go up by nearly 400%. Bennett breaks down how Ethereum could hit $20,000 by January next year if Bitcoin sets the right market conditions in several tweets on his page. 

Surge In Price

Bennet believes Ethereum could surge to the $20,000 mark because too many traders request a high of $10,000. He acknowledges that many traders tend to underestimate the rush of capital that flows in a parabolic run. Despite his ambitious thesis, Bennett warns traders about a possible dump in the short term. The dump could easily get rid of overleveraged traders. The popular analyst says traders shouldn’t be surprised if they get a flush towards $53,000. This is a massive figure that could smash the all-time high. 

Bennet says Bitcoin’s Sunday $58,900 low is like the proverbial line in the sand in response to another crypto trader’s bull run hypothesis. Asked about what he thinks Bitcoin’s peak price will be, Bennett says he expects to hit between $207,000 and $270,000. However, he acknowledges that it would take time for this peak to occur, given the different factors that influence its price. 

Ethereum Steady Rise

Launched in the summer of 2015, Ethereum has been on a steady rise since then. It was launched to expand the use of cryptocurrency and blockchain to encompass all kinds of decentralized applications.

This was to go beyond Bitcoin‘s initial scope. It was designed to shift operations from crowdfunding and permissionless financial services to new organizational structures. This platform was envisioned as a global computer that allows developers to execute and publish apps powered by smart contracts.

Keep in mind that smart contracts are programmable scripts that facilitate the flow of various digital assets.

Ether (ETH), Ethereum’s native cryptocurrency, provides an incentive structure that almost resembles Bitcoin and helps secure and maintains the blockchain network. Ether also has a as gas that runs transactions through various intelligent contracts.

This means that Ethereum also functions as a security measure to protect the network from possible attacks and inefficient codes. 

Its blockchain transactions use cryptography to verify translations and keep the network secure. Individuals can use their computers to “mine” or solve complex mathematical equations that help confirm every transaction on the platform.

If a person does it successfully, they get Ether (ETH). People can also buy Ether through a wide range of digital wallets found online. You can also sell this crypto through the same method. 

Roundup

Given the long and seemly smooth past of Ethereum, its future looks bright. Bennet’s views on the possibility of this cryptocurrency catching fire have excited many traders.

More people are now buying Ether with the hopes of making huge profits in a short time. Ethereum’s steady market price is also a sign that it could just be out to heat up. It is a matter of wait-and-see as more traders invest in it.