Ethereum [ETH] to $10k: A futile forecast or a reasonable bet
- An analyst opined that ETH would be priced at $10,000 by 2025.
- Ethereum’s liveliness aligned with the projection, although long-term holders were struggling to keep up hope.
Before the price of Ethereum [ETH] rose to 39.98% in the last three months, there has been speculation about the altcoin reaching the $10,000 mark. While some investors and analysts believe that such a feat is possible, others are more unconvinced, citing a range of factors that could hinder Ethereum’s upward trajectory.
Read Ethereum’s [ETH] Price Prediction 2023-2024
Interestingly, Charles Burniske, web3 venture capitalist and crypto analyst, brought the subject back on 9 April. The analyst, who has always been bullish on the crypto ecosystem, opined that those who doubted ETH at every landmark should not be surprised when the cryptocurrency’s price hits $10,000.
2025: The year of ETH liberation?
Burniske was quick to quench the perception that his projection was a short-term projection. Instead, he took a dig at Balaji Srinivasan’s 90-day Bitcoin [BTC] prediction, saying that it was possible in 2025.
As a matter of fact, the same debate surrounding ETH’s future prior to hitting its ATH during the 2021 bull run. But is a run to the milestone feasible? Well, some on-chain metrics could have a say in the possibility or otherwise.
According to Glassnode, Ethereum’s liveliness was 0.68 on 6 April. Liveliness takes into account the sum of the Coin Days Destroyed (CDD) and the sum of the coins created. When the metric decreases, it means holders have resulted in continued accumulation. When it increases, it infers that long-term holders were liquidating their positions.
At press time, liveliness’ data represented a slight decrease. This meant that investors had reneged on liquidating positions. Therefore, a continuation in this manner has the possibility to sustain the momentum for the aforementioned projection.
Diamond hands are battling with pressure
In addition, on-chain data showed that the seller exhaustion constant has been increasing since 31 January. The metric is described as the product of the 30-day price volatility and the percentage supply in profit.
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The press time condition implied that ETH holders were dealing with low volatility and high losses. In such a, situation where many holders give in, then it may be challenging for ETH’s value to increase.
At press time, ETH exchange hands at $1,858, a testament to its 28% increase in the last 30 days. But for the altcoin to hit $10,000, its market capitalization hovering around $224 billion might need to increase fivefold.