Despite the recent attention on Bitcoin and fears surrounding the launch of CME futures, Ethereum still managed to reach a new all-time high of $1,831. The BitBoy Crypto channel predicts that Ethereum will hit $2,500 by Valentine’s Day, citing the influx of institutional investments through futures contracts as a reason for the surge in interest and volatility. Grayscale recently bought 100,000 more ETH, bringing their total holdings in the asset to over $5 billion. The upcoming implementation of EIP-1559, which is meant to alleviate gas fees, could also push the price of Ethereum up to $20,000 or possibly even $27,000.
Why Ethereum Will Hit $2500 by Valentine’s Day and Possibly $40K by the End of the Year
The Air Bitcoin Sucked Out of the Room
Crypto enthusiasts know that just when people start giving up on a coin, that’s when it does its best work. This is evident from recent movements in the crypto market. Despite the air that Bitcoin sucked out of the room with its $1.5 billion Tesla purchase, Ethereum has managed to make a new all-time high of $1831. And, despite concerns over the CME futures launch, Ethereum is poised to hit $2K and even possibly $2500 by Valentine’s Day.
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Ethereum Will Hit $2500 by Valentine’s Day
Ethereum has been a buzzword in the crypto world, and for a good reason. With institutional investments increasing, led by Grayscale’s purchase of 100,000 ETH, the price is likely to keep soaring. With EIP-1559 expected to reduce gas fees, the price of ETH could go up to $20K after the Ethereum hard fork later this year. Analysts predict that Ethereum could hit $2500 by Valentine’s Day and even $40K by year-end.
Institutional investment Channels and OTC markets
Investors looking to buy 100,000 ETH cannot sign up for a Coinbase account. They can invest through institutional channels, such as futures contracts or try OTC markets. The recent launch of futures contracts for Ethereum on CME is expected to boost the price of ETH further. Many people believe that the launch of the futures contracts will hold the price back, but it’s all about timing. Ethereum futures contracts launching at the peak of the bull cycle could signal the end of bullishness. Still, this is not the case for the current situation.
Ethereum on the Rise
Insight Chart on Twitter and TradingView have posted compelling charts over the last week, showing that Ethereum could hit $2300 very soon. Additionally, the closely watched $1800 level will be crucial as bulls look to flip it into support after rejection. With more support likely to come in, pushing the price over $2K is a high probability. Furthermore, the upward trajectory of Ethereum is not just all hopium; it’s backed by technical indicators, such as a trailing stop parabolic curve, putting Ethereum at $3200 on Valentine’s Day and $4000 by the end of the month.
$10K, $20K, and $40K Possible Long-Term Targets
The December 31, 2021 call option for Ethereum is open, with $15.2 million in open interest. Several higher call options, such as $100K, are available, demonstrating that crypto needs Wall Street to come into crypto, providing big money. The EIP-1559 proposal is expected to reduce gas fees, making Ethereum more accessible to smaller traders. Analysts predict that Ethereum will balloon to $20K when the Ethereum hard fork is complete. Furthermore, the $40K long-term target is still in play. With this data in mind, it seems that Ethereum has significant potential for further growth in the long term.