Ethereum price entered price discovery phase and rose high to form new all-time high in the early hours of trading
The price is expected to gain huge bullish momentum to launch a fresh wave above $3000 in the current trading month
Widely followed crypto influencer, Ben Armstrong in a new video predicts for Ethereum to reach $12K by the end of summer, and get over the tired narrative of high gas fees.
The long-time ETH propagator says it’s finally time for Ethereum Price to soar in the market to be “The Coin” of this bull cycle. ETH currently has risen above $2400 amidst the negative connotations of Ethereum is dead, Miners will destroy ETH and ETH2.0 won’t fix the problems.
Main Reasons Behind ETH Price Surge
The first one being Coinbase IPO, he points at how huge Ethereum is by noting that Ethereum accounts for an Equal percentage of profits for Coinbase as Bitcoin does. Thus, ETH has a significant effect on Coinbase valuation.
The second one is the Berlin Upgrade, the upgrade includes mainly 4 EIP’s which along with some other changes will work towards the prolonged problem of high gas fees and congestion on the network.
The 2017 Price DejaVu
Armstrong draws a parallel to the 2017 bull run of Ethereum, to draw a prediction for 2021. He has noticed, just like in 2017 when Ethereum went through several months of sideways action before breaking out in November, Ethereum has just passed that phase again and will now skyrocket to $12000 by the end of summer 2021.
He also says the gas fee problem on Ethereum has not affected the prices so much it’s just a tired narrative that has helped Eth competitors to boom.
“In my opinion, I don’t think the institutional investors care a lick about gas fees and they are driving the price, but the narrative has been gas fees are crushing eth and has certainly slowed down the network making it harder for small traders definitely a problem, but I just don’t believe it has affected the price that much”
However, he acknowledges the fact that Ethereum has to solve the high gas fee problem to run the long race in the future.