Ethereum (ETH) has surged by over 85% since January 2023. Although the growth is commendable, ETH’s price increase is significantly overshadowed by Bitcoin’s (BTC) almost 160% growth and Solana’s (SOL) over 650% growth in the same time frame. Nonetheless, ETH may see a spike in its price very soon.
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According to cryptocurrency analyst Altcoin Daily, Ethereum (ETH) can “easily” hit $10,000, a rise of about 354% from current levels. The analyst took to X and shared eleven reasons why the second-largest cryptocurrency could hit $10k.
According to Altcoin Daily, Ethereum’s (ETH) deflationary status is one reason the token’s price may surge. The analyst also highlights the project’s high yields, which may attract new buyers. Moreover, ETH has very high developmental activity. Altcoin Daily also points to ETH’s price-earnings ratio (P/E Ratio) being 98, which is higher than Amazon’s.
Furthermore, after moving to a Proof-of-Stake (PoS) mechanism, sell pressure from miners has evaporated. The network has also become 99% more energy efficient after the transition.
However, one of the biggest drivers for Ethereum’s (ETH) price could be BlackRock’s spot ETH ETF (Exchange Traded Fund) application. Analysts point to BlackRock’s spot BTC ETF as a significant reason for a possible bull run in 2024. Hence, a spot ETH ETF could prove lucrative for the asset’s price.
When will Ethereum (ETH) hit $10,000?
According to Changelly, ETH could reach a price of $10,000 sometime in 2027, almost three years from now. Furthermore, the platform anticipates ETH to surpass $33,000 by the end of this decade.
Also Read: Ethereum: Standard Chartered Predicts ETH May Hit $35,000
Global financial giant Standard Chartered predicts ETH to reach a price of $8,000 by 2026. Moreover, the firm anticipates ETH to hit $35,000 in the long run.