On August 5, miners forked Ethereum (ETH) and integrated EIP-1559, though no price crash or chain split occurred. Instead, the London hardfork led Ethereum price to skyrocket from $2449 to $3065. The trading volume too surged by 12%.
What’s in store for Ethereum here onwards is now the concern. Will a retracement follow or the token will propel back to its ATH. Chiming in on this is Founder and CEO of Real Vision Raoul Pal.
He says the altcoin’s current chart pattern resembles a wedge-like one observed on Bitcoin’s chart in 2017. Hence, this gives it an upside prediction of a $20,000 price level.
It is known that the chart analysis alone does not suffice for the ultra bullish predictions made. The key bullish features of the network will always have a role to play.
Key Bullish Factors for ETH
- Network Growth
Pal points out that the Ethereum network is rising exponentially of 50 to 60 percent each year, compared to 30 percent for Bitcoin, which is an incredible rate of growth at scale.
- Network Hash Rate
Ethereum’s Network Hash Rate had climbed to 586.15 TH/s, up from 194.38 TH/s a year ago.
Pal says the Ethereum network is the most significant breakthrough in the blockchain space (Defi, NFTs). It will outperform all other cryptocurrencies in the long run.
- ETH Staking
According to Etherscan, more than 6.4 million Ether – worth more than $18 billion at press time – has already been staked on the ETH 2.0 network.
He conclusively says, when 1559 takes effect in December or March of next year (2022), everyone with a significant stake will recognize that the price is going up, and more individuals will lock into 2.0 to earn the yield.