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Qadir AK
Qadir AK
Author
Qadir Ak is the founder of Coinpedia. He has over a decade of experience writing about technology and has been covering the blockchain and cryptocurrency space since 2010. He has also interviewed a few prominent experts within the cryptocurrency space.
- Nov 08, 2024 12:04 UTC
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Ethereum Price to Jump 171% – Grab It When It’s Undervalued, Says Expert
Trump’s second term has sparked optimism in the crypto market, with Bitcoin hitting a new all-time high of $76,203.
Ethereum is also gaining traction, reaching $2,878 with increased ETF inflows and DeFi activity.
Analysts, including Dan Tapiero and Benjamin Cowen, predict significant gains for Ethereum.
Donald Trump’s second presidential victory has injected fresh energy into the cryptocurrency market, with Bitcoin leading the charge. The cryptocurrency spiked by 10%, setting a new all-time high of $76,203 as buying activity soared on renewed optimism. Investors are betting that Trump’s pro-crypto stance could shape favorable policies for digital assets.
His win has raised hopes for more crypto-friendly regulation, especially with potential changes in SEC leadership that might support the industry’s growth.
While there is so much noise of BTC, Ethereum is making waves, too, climbing to $2,878 with its Spot ETF witnessing substantial inflows. The market’s buzzing with one big question: Could Ethereum be on the verge of an explosive rally of its own? Several factors, from rising DeFi activity to renewed investor optimism, are driving ETH’s ascent, sparking predictions of a significant price surge ahead.
Let’s explore what’s fueling this rally and what might be next for Ethereum.
Dan Tapiero’s Bold Prediction for Ethereum
Macro investor Dan Tapiero believes Ethereum (ETH) is massively undervalued and could skyrocket by 171% from its current value. Tapiero, CEO of 10T Holdings, shared with his 120,000 followers on X that Ethereum’s decentralized finance (DeFi) potential may flourish under a pro-crypto administration led by incoming U.S. President Donald Trump.
A key reason for Tapiero’s bullish stance is Trump’s promise to replace SEC Chair Gary Gensler, who is often seen as hostile to crypto. Tapiero predicts Ethereum could not only surpass $4,000 but potentially reach over $8,000 within a year, citing its strong network effect and consistent usage as indicators of lasting growth.
Analysts Predict a Strong Year Ahead for Ethereum
Tapiero isn’t alone in his positive outlook. Ethereum’s recent bullish trend, holding above its 100-day moving average, has strengthened its position as a “core asset” in the digital ecosystem. Well-known analyst Benjamin Cowen, who previously held a bearish view on Ethereum, is now reconsidering.
Cowen notes Ethereum’s resilience and its ability to maintain key support levels against Bitcoin (ETH/BTC).
Cowen advises investors to monitor ETH/BTC closely, noting that if it stays above the 50-day simple moving average at around 0.039 BTC, it may confirm a bottom against Bitcoin. Currently trading at 0.03864 BTC (around $2,946), ETH has risen over 7% in the past day, supporting Tapiero’s forecast for a promising year ahead.
As the market adjusts to Trump’s pro-crypto stance, Ethereum and Bitcoin could be on the brink of an exciting new chapter.
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