A cryptoanalyst has shared a new report from Etherealize, a leading crypto research firm, that predicts how high the price of Ethereum could reach if its market capitalization matched that of gold. The expert believes that the Ethereum network could also evolve into more than just price action layer of global settlementfurther strengthening its position in the crypto space. Taken together, these developments provide a strong bullish outlook for the cryptocurrency, even in the middle recent volatility and price declines which prevailed in the market.
Digital Oil, a pseudonymous analyst and investor, makes a bold long-term case, arguing that the Ethereum network and its native asset, ETH, are positioned to capture two of the world’s largest markets. As the second largest cryptocurrency by market capitalization and the backbone of decentralized financeThe analyst said that Ethereum has an infinite range of possibilities.
Ethereum Price Target on Gold Market Cap
He referred to an analysis report by Etherealize, which describes ETH as productive storage of value outperforming gold, while Ethereum itself is seen as the settlement layer for the future of global finance. This suggests that the blockchain network could be at the center of the world’s money flow in the future.
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The report, titled The Bull Case for Ethereum: Digital Oil, Store of Value, and Global Reserve Asset for the Digital Economy, was created by Etherealize to help institutional investors better understand the role of ETH in the development of the digital economy.
Based on the analysis, Etherealize predicts a long-term price target of $250,000 for ETH, representing an upside of more than 11,400% from current levels. That figure could put the cryptocurrency’s market capitalization, currently at $256.78 billion, on par with market valuation of gold of 32 trillion dollars.
Namely, Etherealize pointed to the year 2045 as a rough time frame for this potential turning point. The research firm acknowledged that widespread adoption, which is needed to catalyze this growth, could change that date depending on how quickly or slowly it happens.
Despite the uncertainty surrounding the weather, Digital Oil remains firm on Etherealize bullish outlook for Ethereum. He said the predicted change was inevitable and could happen soon. As a result, the analyst urged investors and traders to prepare in advance by positioning for the long-term growth of ETH and the Ethereum network.
Analyst says ETH could rise above $3000
Focusing more on the short-term outlook for Ethereum’s price, crypto analyst Ted Pillows is projected on X that cryptocurrency could recover towards the $2,250 zone, with a possible extension above $3,000 if the bullish momentum continues. At the time of writing, ETH is trading above $2100.
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After seeing a series of price declines, the analyst suggested that ETH is now trying to reclaim $2,150 and break past resistance levels. Pillows warns that if Ethereum faces another bounce before reaching that resistance area, it could open the door to a steep correction towards $2,000. Such a move would represent a drop of more than 5% from current levels.
Featured image from Pexels, chart from Tradingview.com
