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.
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.
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