Popular crypto analyst Nicholas Merten thinks Ethereum (ETH) is just getting started.
ETH soared to its all-time high (ATH) of $4,674 on Wednesday and is trading for $4,547 at time of writing, according to CoinGecko.
In a new YouTube video, Merten tells his 477,000 subscribers that Ethereum is displaying solid momentum and looks primed to “continue the trend.”
The trader says ETH’s long-term cycle top could still be more than 4x higher than its ATH.
“Our long-term cycle top for this overall bull market is going to be $20,000. I really think that there’s a serious potential for Ethereum to get up towards the $15-20k range. That’s our general target range, $20k being the optimistic number we’re going for.
Our short-term target here is going to be somewhere around $7,500 to $10,000, halfway through that valuation range. [That’s] similar to Bitcoin [BTC] going to $100k, and then eventually maybe rising to $200k.”
Merten cautions that he’s not claiming to be “a guru,” just that he thinks the $7,500-$10,000 price level is a “very favorable range to expect.”
He predicts there could be a few days of dips or a week of stagnation and consolidation here and there, but overall he doesn’t think there will be a price correction in the short-term, as happened back in May.
IDon't Miss a Beat – Subscribe to get crypto email alerts delivered directly to your inbox
Check Price Action
Follow us on Twitter, Facebook and Telegram
Surf The Daily Hodl Mix
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Featured Image: Shutterstock/Di Vanarte/monkographic