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Analyst on Bitcoin and Ethereum: should resume the bull run by…

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Source: Pixabay

The price of ETH has been shuffling and tumbling like a pack of tarot cards over the past few weeks, but overall, Ethereuem has witnessed an impressive run this year. 

In the past six months alone, ETH has risen by more than 300% while BTC has only risen by 85% in the same timeframe. According to analyst Ben Armstrong, Ethereum been “flexing” on Bitcoin all year. The analyst propounded that Ethereuem would drastically rise over the next six months. Further elaborating on the same, he said, 

“By all available metrics, data, TA and moon math, we should be resuming the bull run by the end of July. That would mean Ethereum would see upward movement for several days with no corrections larger than 20% on average.”

July also coincides with the launch of EIP-1559. The same is expected to boost the alt’s rally further. 

Additionally, DeFi summer is set to be in full swing soon. DeFi on Ethereuem has matured drastically and layer 2 platforms present the network with the most important growth prospects. Unsurprisingly, the monthly DeFi revenue has been constantly rising over the past few months. Commenting on the same, the analyst opined, 

“With the plethora of DeFi options mixed with the NFT market heating up, Ethereuem will climb up in value and market dominance like we’ve never seen before.”

Additionally, as highlighted in an earlier analysis, institutions are already looking at Ethereuem as a secondary store of value and are gearing up to make large purchases this year. All the aforementioned factors are pretty positive drivers and Ethereum, very soon, will see a revaluation.

Interestingly, the first phase of the 2.0 upgrade, which aimed to address the network’s tech issues on speed, scalability and efficiency launched last year and as depicted in the chart below, the number of new deposits witnessed a sharp upsurge last month. Again, this is another positive sign.

Commenting on similar lines, Armstrong said,

“So 2021 is shaping to be a cosmic confluence of good juju for Ethereum.”

Source: Dune Analytics

Armstrong said, 

“Because of this total takeover, I can see it’s very likely that by 2025 Ethereuem will hit $85,000. The first step to that will be, of course, $25,000 ETH this year.”

The analyst concluded by stating, 

“Ethereum won’t just be digital oil in 2025, it’ll be the blockchain fuel of the future… Sorry, Bitcoin. Ethereuem has activated its third eye.”

The past few weeks have seen Ethereum continue to consolidate and exhibit a not-so-positive momentum. However, there’s a lot to expect from the alt in July. At press time, ETH was trading at $2,440.60. 

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With a keen eye on the Indian economic ecosystem, Lavina Daryanani's writing predominantly revolves around crypto-happenings in the Asian markets. She has a strong background in journalism and a personal inclination towards business and financial reporting.