The Ethereum price has been on a rollercoaster ride lately, experiencing a decline on Monday amidst a broader market correction. However, despite this setback, Ethereum continues to shine with one of its best performances in July so far.
In the past thirty days, the Ethereum price has surged by an impressive 80%, showcasing a significant recovery after a period of consolidation and minimal bullish activity. This resurgence is particularly notable when compared to other major digital assets like Bitcoin (BTC) and XRP, which have reported gains of 10% and 40%, respectively, on the monthly time frame.
Crypto analyst Lark Davis believes that Ethereum is on the verge of breaking the $4,000 mark, indicating that momentum is rapidly building. However, Ethereum is still approximately 25% below its peak from the 2021 cycle. The analyst notes that for Ethereum to reach its peak, Bitcoin’s dominance needs to dip to around 40%. Currently, Bitcoin’s dominance is at 61%, and the last time it fell to similar levels, ETH rallied over 200%.
Another analyst, known as JACKIS, predicts that Ethereum will likely never trade below $3,000 again, suggesting that any such decline would indicate a catastrophic failure of the asset. However, JACKIS also acknowledges that a temporary correction down to around $3,400 is still possible given Ethereum’s proximity to the $4,000 threshold.
Adding to the bullish sentiment surrounding Ethereum’s momentum, BitMine, a company involved in Bitcoin and Ethereum mining, highlights the network’s potential. Many on Wall Street view Ethereum as the most significant macro trade for the next decade. Tom Lee, the chair of BitMine, projects that stablecoin market capitalization could soar to $4 trillion, with over 60% of these stablecoins based on the Ethereum network, boosting demand for the token.
Moreover, Wall Street is exploring ways to tokenize assets on the Ethereum blockchain, further driving interest and investment in the platform. BitMine references a research report titled “The Bull Case For ETH,” which suggests that the long-term value of Ethereum could reach an astonishing $704,000, representing an extraordinary 18,000% increase from current levels.
When writing this article, the ETH price is trading at approximately $3,766. The future looks bright for Ethereum as it continues to gain momentum and attract interest from Wall Street and investors worldwide.
Featured image from DALL-E, chart from TradingView.com.