Bitwise Analyst: Two Catalysts Boosting Ethereum’s Potential to Surpass $10,000

Bitwise Analyst: Two Catalysts Boosting Ethereum's Potential to Surpass $10,000

Bitwise Analyst: Two Catalysts Boosting Ethereum's Potential to Surpass $10,000

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Ether is expected to break $10,000 this year
When can ETH break its historical high?
Juan Leon, a cryptocurrency research analyst at Bitwise, said in an interview with CoinDesk Markets Daily that “Ether is likely to break $8,000, $10,000, or even higher this year. While Bitcoin ETFs have garnered all the attention, Ether has two major catalysts that can make it the focus of attention for people.” These two catalysts are the “London Upgrade” and the “potential Ether ETF”.
Juan Leon explained that the London Upgrade, which will be deployed on the mainnet this month, will make transactions on the Layer 2 network cheaper. This will promote activity and even attract mainstream and mass consumers’ demand for Ethereum. Most of the positive sentiment in the market will emerge in the weeks and months after the upgrade.
The result of the Ether spot ETF application will follow, and the key date is expected to be May 23, as it is the “final decision day” for the Ether ETF application submitted by VanEck. Juan Leon, the analyst, stated that the likelihood of approval is not as clear as the Bitcoin spot ETF earlier this year (Juan Leon believes the likelihood of approval is only 50%-60%), but this possibility will inject vitality into the Ether market.
Although BTC has reached a new all-time high this week, Ether is still about 20% below its 2021 historical high. Many people want to know when it will be Ether’s turn. But in fact, this trend is similar to what happened in past market cycles. Bitcoin always leads the market recovery from the bottom, while Ethereum and other smaller altcoins will lag behind.
In late November 2020, BTC reached a historical high of $19,000, while ETH was still hovering below $600, about 60% lower than its peak in 2018. A few weeks later, when BTC decisively broke the previous historical record price, ETH began its months-long rally and eventually reached a peak of $4,400 in May.
Therefore, based on past experience, Bitcoin may have to break and hold the level of $69,000 before Ether can set a new all-time high.