The cryptocurrency market is bouncing back, with Bitcoin (BTC) inching closer to reclaiming the $45k level. BTC’s rally seems to be pulling the larger market along with it. Ethereum (ETH), the second-largest cryptocurrency by market cap, is also witnessing a healthy rebound. ETH is up by 2.4% in the daily chart, over 7% in the weekly chart, 9.2% in the last 14 days, and 5.7% over the previous month. Additionally, ETH has maintained its gains from 2023, up 45.1% since January last year.
Also Read: Ethereum: $100 Investments Turn Into $7.8 Million in Feb 2024
Moreover, the latest rally might kick off a new price spike for the second-largest cryptocurrency.
Ethereum (ETH) to hit $27,000?
According to ETH community member and investor Ryan Berckmans, ETH could surge to between $12,000 and $27,000 by the end of this cycle. Hitting $27,000 would translate to a growth of over 1000% from current levels.
However, Berckmans notes that Ethereum’s (ETH) journey to $27,000 will take some time. According to the investor, ETH could take over two years to reach its target. Berckmans states, ‘My personal prediction is $12,000 to $27,000 per Ethereum within 18 to 30 months.‘
Also Read: Ethereum ETF To Push ETH by 70% to $4000: Standard Chartered.
Berckmans is not the only one with a bullish outlook on Ethereum (ETH). Global financial institution Standard Chartered also anticipates ETH to grow in the foreseeable future. he anticipates ETH to hit $8000 by 2026, a rise of almost 230% from current levels. Moreover, the bank anticipates ETH to reach $35,000 in the long run. Reaching $35,000 would translate to a growth of over 1300% from current levels.
Furthermore, there is talk about a potential spot ETH ETF (Exchange Traded Fund) approval by the US SEC (Securities and Exchange Commission). The SEC approved 11 spot BTC ETFs earlier in January, and investors are hopeful the financial watchdog will take a similar route for ETH.