EthereumPrice Analysis

ETH Price Forecast : Could Ethereum Price Hit $8000 by the Year End?

Author: Elena R

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Elena is an expert in technical analysis and risk management in cryptocurrency market. She has 10+year experience in writing - accordingly she is avid journalists with a passion towards researching new insights coming into crypto erena.

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The majority of altcoins are constantly increasing in value. ETH is gaining traction, and it may soon reach $4,500. XRP is striving for a crucial breach above $1.12 on the upside. If ADA closes above $2, it may get traction. 

The price of Ethereum increased when it went through the $4,350 resistance level. ETH broke through the $4,400 resistance and went on to test its all-time high of $4,450. A closing above $4,500 would likely boost the price to $4,650, a new all-time high. 

If there is a negative correction, support might be found near $4,350. Near the $4,250 level, the next significant support is emerging.

At the time of writing ETH is trading in green at $4465 and is up by 2.5 percent in the last 24 hours.

Ethereum’s journey to $8k!

During the final two months of 2021, Goldman Sachs expects Ethereum’s native token (ETH) will nearly treble in value against the US dollar. 

In a recent note, the company’s chief executive highlighted why ETH may reach $8,000 by the end of the year. Since 2019, cryptocurrencies, he claims, have traded in line with inflation breakevens. He claims that rising inflation is fueling a record rise in digital asset values, particularly ether.

On a log axis, Rzymelka plotted the Bloomberg Galaxy Crypto Index against the USD 2-year ahead 2-year inflation swap. The graph pays special attention to “inflation markets,” he says, which reflects the asset’s pro-cyclical nature as a “network-based” asset. 

The bank’s analysts noted in July that ether appeared to be “the cryptocurrency with the biggest real-world application potential,” because Ethereum, the network on which it is based, is the most popular development platform for smart contract applications.

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Elena R

Elena is an expert in technical analysis and risk management in cryptocurrency market. She has 10+year experience in writing - accordingly she is avid journalists with a passion towards researching new insights coming into crypto erena.

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