Scott Redler, chief strategist officer at T3 Trading Group, argues that the price of Ethereum (ETH) is on course to hit the $2,100 level. If Redler is correct, his bullish price target means that the second largest cryptocurrency is on track to spike by another 10%.
The technical analyst is confident that the second largest cryptocurrency may march higher after it recently cleared the $1,792 level. Holding above that pivotal price point could subsequently open the door to the $2,100 level. In addition, Redler believes that Bitcoin is on its way to reclaiming the $26,000 level. Ethereum recently experienced a significant relief rally in the run-up to the highly anticipated Merge event. Goerli, the last of the three testnets, successfully transitioned to proof of stake earlier today, which was the final test before the Ethereum mainnet finally merges with the Beacon Chain in September. Leading cryptocurrencies also benefited from cooler-than-expected inflation data, together with U.S. stock and bond prices.
Read more on U.Today
https://u.today/ethereum-eth-on-its-way-to-2100-top-trader-says
The technical analyst is confident that the second largest cryptocurrency may march higher after it recently cleared the $1,792 level. Holding above that pivotal price point could subsequently open the door to the $2,100 level. In addition, Redler believes that Bitcoin is on its way to reclaiming the $26,000 level. Ethereum recently experienced a significant relief rally in the run-up to the highly anticipated Merge event. Goerli, the last of the three testnets, successfully transitioned to proof of stake earlier today, which was the final test before the Ethereum mainnet finally merges with the Beacon Chain in September. Leading cryptocurrencies also benefited from cooler-than-expected inflation data, together with U.S. stock and bond prices.
Read more on U.Today
https://u.today/ethereum-eth-on-its-way-to-2100-top-trader-says
The cause for ETH's pump is non other than the upcoming merge to Proof-of-Stake. I don't get why there's a lot of hype with this, since we've already had PoS coins in the past (way before ETH announced it). Whales might pump ETH's price to $3k if the whole market turns bullish as a result. For early holders of ETH like myself, this is a great opportunity for profit. Yet, a high-priced ETH will only reduce people's ability to run their own validator nodes when the network transitions to PoS.
I know there will be staking pools letting you to stake less than 32 ETH, but you wouldn't be directly supporting the network's consensus this way. Only those that are running validator nodes will get a big piece of the pie. ETH seems to be heading towards a path of centralization (especially when some "dApps" decided to blacklist addresses that were tied to the Tornado.Cash mixing protocol), so I guess BTC will be the only choice left for us to achieve true censorship-resistance and decentralization. Just my opinion
