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Bitmine Chair Tom Lee explains why <a href="https://xpertsstudio.com/ethereum-31979-eth-withdrawn-from-coinbase-by-whale/” title=”Ethereum: 31,979 ETH Withdrawn From Coinbase by Whale”>Ethereum could hit a new all-time high past $5,000 this year
Just kind of when you look at where we are right now in markets, and kind of why, I know that you’ve seen out performance from Ethereum recently in this runup, but I think it was maybe 60,000 that we were talking about in terms of Tommy’s price target for ETH last year. What is it now when you kind of look at everything we just discussed and really extrapolating in the shorter term maybe, to where you think we can get to?
Yeah, glad to. I think last year if if I mentioned ETH at 60, I don’t think it was a 12-month price target.
Yes, it was not.
Yeah. And uh, but you know, I think that I think ETH has been consolidating, I mean for five years, right? It’s been range bound. And uh, now when I look forward, I I think the opportunity set is much stronger. I mean, there is a much great, you know, there’s still a very large dedicated community to supporting Ethereum, but then the opportunity set is much greater and I think, you know, at least we’re seeing when financial institutions are looking at blockchains and L1s to to really work on or even understand, I think that Ethereum really stands out. I mean it’s, I mean, zero down time, you know, uh, widely, widely, widely used, um, highly secure. And um, so I I think that if we do a measured move, you know, like how did Ethereum perform? The last major breakout was uh, you know, after the 2018 bear market and then the breakout into 2021, and that was a 17X move for Ethereum. You know, so could Ethereum 10X above, 10 to 12X above its prior highs of 5,000. I think that’s very possible. And um, you know, and then that would take us to to 60,000 again. So I I think that like that’s still a reasonable view of where Ethereum could be in a couple years. And but in the near term, you know, do I think the old highs are going to represent any resistance? I mean, in sort of psychological terms, yeah, but like do I think Ethereum could reach all-time highs this year? Uh, absolutely. So I I think 3,000, you know, in the next in the near term makes a lot of sense and then well above 5,000 before year earned, I think makes a lot of sense. And and of course, I think this is going to be a pretty durable crypto bull market and so I I think, you know, we’re early and I think crypto could run a lot. And maybe one of the best sort of ways to calibrate that for me is, you know, this is not the this this let’s say is akin to, you know, 2019 or whatever or 2023. And I’d say compared to those two periods, you know, crypto has already made a big move, you know, Ethereum from, you know, 1500 to 2800, I think it’s been met with almost complete silence. In fact, I’m hearing more about large players having substantial losses because they were bearish on this move. So I I think it’s the complete opposite because I think many people were figuring final lows would be made in early October because that would align with the crypto four-year winter, you know, the bull market four-year cycle.
Source: finance.yahoo.com