Fundstrat Global Advisors strategist David Grider predicts that after the cryptocurrency hit a record high on Tuesday, the price of Ethereum may rebound to $10,500 per unit. This estimate means that the current Ethereum price hanging above $1,300 has nearly 700% upside.
According to Grider, Ethereum (ETH)-the second largest digital asset after Bitcoin (BTC)-will continue to benefit from its relationship with decentralized financial (defi) applications, most of which are based on Ethereum Blockchain is built and has seen growth in 2020.
He also made predictions based on the recent upgrade of the Ethereum network, which aims to become the blockchain of the entire financial system. He said that when fully completed, the three-part upgrade will allow the blockchain to process the same number of transactions completed by companies such as Mastercard and Visa.
Quoting Grider: “In terms of encryption, Ethernet is the best risk/return investment method, adding: “Blockchain computing may be the future of the cloud. The report stated that risks may include delays in network upgrades or bearish crypto markets.
Due to increased buying pressure, Ethereum surged 12% on Tuesday to a record high of nearly $1,440.
At the same time, Luis Cuende, co-founder of Aragon, the Decentralized Autonomous Organization (DAO), commented: “When thinking about the content provided by the Web 3.0 vision, institutional investors will realize that although the sovereign digital currency (BTC) is Core, but the importance of the programmable economy (ETH) should not be underestimated.”
He added: “Ethereum’s fundamentals remain the same. Ethereum has actually found an early product suitable for the product market, and the agreement is making money. ETH is definitely a mature asset.”
Cuende believes that Ethereum will rebound between $2,500 and $7,500. He also believes that Ethereum’s competitors Polkadot, Cosmos and NEAR are “in a good position to capture meaningful market share” until ETH 2.0 is completed.
What do you think of Fundstrat’s global price prediction for Ethereum? Let us know in the comments section below.
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