Ian McLeod, an analyst for Thomas Crown Art, predicts that Ethereum is on the verge of a “monumental” and can even reach $500 by the end of the year. Although, the path is not easy and would require a rally of more than 100%.
Ethereum has not been performing too well recently. Its value has fallen from the highs of $1,500 to $200 in less than a year. The emotions associated with the second biggest crypto had been largely negative since the beginning of the year.
Although, Ian thinks that things might be changing.
The entirety of cryptosphere has been making slow but steady progress, which is in stark contrast with the market scenario at the beginning of the year. This can might as well convert to another full-blown rally.
Trading volume since June has grown significantly. With the amalgamation of positive sentiments and increased volume, Ethereum’s value can be heading upwards.
Although things might not be as simple. There are plenty of ETH held by ICOs which are stagnant. These might dampen the effect of the rally.
McLeod has been a long time supporter of Ethereum. Earlier this year, he predicted that Ethereum has the power to overtake Bitcoin’s dominance in the market. He believes that this effort should only take about five years, despite the fact that it seems to only be 10% of the peak value they have established.
Ethereum has seen almost 1.8% increase over past few hours and now trades at around $220. When you look at the weekly growth, it has undergone a 10.91% surge as the price action went past $200. It holds a market cap of around $22.53 billion.