A closely followed trader and crypto analyst is calling Ethereum an ‘absolute beast’ as he predicts the bull market for the leading smart contract platform could extend into 2022.
In a new strategy session, Benjamin Cowen tells his 598,000 YouTube subscribers that Ethereum (ETH) has been in a strong uptrend since March of 2020.
“If you zoom out on Ethereum, look at what it’s done over the last 18 months or so, more than 18 months. It basically has just been going up with time.”
According to Cowen’s chart, Ethereum has been on a steady climb, following an uptrend line from a low of $86 in March 2020 to its current price of $4,700. From the trader’s long-term perspective, Ethereum has printed staggering gains of more than 5,365% in less than two years.
The crypto analyst also says that he believes Ethereum’s uptrend will push into next year, highlighting several fundamental catalysts that can drive the value of ETH to greater heights.
“I still stand by that going into 2022 should still be relatively bullish for Ethereum, especially with The Merge and whatnot coming up. I would also assume that some of the stuff we’ll be speculating on in 2022 would be things like a futures ETF (exchange-traded fund) for Ethereum, more institutional investors coming in the space.”
The Merge is the highly anticipated Ethereum upgrade that will replace the network’s current proof-of-work consensus mechanism with a more eco-friendly, secure and efficient proof-of-stake model. The Merge could take place as early as Q1 of 2022.
Looking at Ethereum against Bitcoin (ETH/BTC), Cowen is outlining what he says would be the next crucial milestone for the pair.
“I think the obvious target would be to first break the prior local high and then to get to a valuation of 0.1 BTC ($6,571). That would be significant. What would 0.1 BTC mean? It’s just 10% of Bitcoin… So if Bitcoin is at $61,000, it means ETH/USD is at $6,100… That would be a key milestone.”
Cowen adds that he believes Ethereum will continue to outperform other altcoins in a long-term timeframe.
“At the end of the day, Ethereum is an absolute beast. And you wonder why so many altcoins bleed against Ethereum. Look, this is what altcoins would have to keep pace with. A lot of them aren’t simply keeping pace with it. And this pace, this pace that Ethereum’s on is likely not stopping anytime soon. That’s the point.”
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Featured Image: Shutterstock/Tithi Luadthong
