With its immense potential for a breakout, Ethereum has received a wave of optimism from cryptocurrency experts.
Its price might still be in a struggling mode with bearish sentiment still prevailing, but a flurry of rosy predictions have delighted investors, encouraging them to hold on to their assets as the effects of last week's crash and dizzying volatility would have worn off.
Ethereum Price Prediction: Signs of a Breakout
One expert has made quite a bold claim. Respected financial author, crypto expert, and investor Dr. Arnout Ter Schure stressed in an article on FX Empire that with Ethereum's rally that brought prices to the $2,750 levels, which is a stark 50 percent rise, the digital token is definitely nearing a breakout.
Basing his predictions on the Elliot Wave Principle, which posits collective investor psychology moving between optimism and pessimism in natural sequences, Ter Schure sees a possible bull run to the $9,000 mark, depending on certain conditions.
He said if ETH would rally above the $2,920 level it reached last week--and not falling below Sunday's low of $2,275 and, especially not the May 23 mark of $1,736--there will be a "great potential" for prices to reach $8,600 to $9,200 in an undetermined amount of time.
Ethereum Price Reaching $9000 Levels
As such, Ter Schure emphasized the potential long term upside would definitely outweigh the downside risks borne out of ETH bottoming out in the short term. He sees that as ETH stays at $2,920 going forward, it would have the potential to move ideally to the $4,400 to $4,600 levels, then plummet again to $2,800 to $3,400, before rallying to as high as $9,200.
Other crypto experts definitely see this rally coming, as they expect Ethereum as the digital coin that will outgrow other cryptocurrencies. Guggenheim Partners co-founder and former executive Todd Morley said in an interview with Forbes that Ethereum has "much higher quality" than Bitcoin due to having Decentralized Finance (DeFi) apps running on its blockchain, and the trade of non-fungible tokens made on the Ethereum network.
Morley sees Ethereum as the fastest growing cryptocurrency, and there's no stopping it even with last week's crash.
Ethereum Value: 'A Lot Higher Down the Road'
More experts interviewed shared this positive sentiment about Ethereum, with Wall Street veteran Jim Bianco emphasizing that ETH will be "a lot higher way down the road."
Investment bankers at Goldman Sachs meanwhile also stressed in a leaked document obtained by Forbes that Ethereum has a high chance of surpassing Bitcoin as the "dominant store of value" and described the digital coin as the "Amazon of information."
Businessman, TV personality and crypto investor Mark Cuban hinted at Ethereum's breakout soon, saying in an interview with Newsweek that "the more utility the platform has, the more successful it will be." He pointed out that "crypto is all software," and as such, the best platforms will do well in the long term."