Nicholas Merten, a popular crypto analyst and trader, has predicted that Ethereum (ETH), the second-largest cryptocurrency by market capitalization, would grow another 325% to hit the $20,000 level in this bull cycle once the much-anticipated upgrades to the Ethereum network are initiated.
In a new strategic session, Merten, the host of DataCash shared the potential of the upcoming upgrades to the Ethereum network with his teeming YouTube subscribers.
Nicholas Merten noted:
“If everything goes perfect for Ethereum, if we get that opportunity to be able to get ETH to launch properly, people using roll-ups, whether it be zero-knowledge roll-ups or optimistic roll-ups, generally ‘layer-2 solutions,’ we could see a $20,000 Ethereum this cycle.
“I know it sounds crazy but when you look at the logarithmic chart we’ve seen these kinds of percentage returns before.”
Rollups are solutions that execute transactions outside the main Ethereum chain, but record transaction data on it. The two types of roll-ups are zero-knowledge (ZK) rollups and optimistic rollups.
The popular analyst further noted that if Ethereum (ETH) maintains solid fundamentals, the $20,000 level wouldn’t be an impossible feat to attain. He said such a gain would only be relatively half of what the cryptocurrency achieved in the first 5 months of 2021.
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“I think it’s very reasonable we could see this kind of price level. Somewhere between our neutral and optimistic target. To play it safe, I would say that we’ve got a really solid steady stream of price action for Ethereum ahead of us. The key thing to understand is that there are periods of this cycle where Ethereum outpaces Bitcoin, which makes these higher targets reasonable.” Nicholas Merten added.
Meanwhile, Ethereum has been excellent in the market over the past week unlike Bitcoin (BTC) that has remained sideways in the same timeframe. At the time of filing this report, ETH is trading at $4,526.78, with about a 4% price downtrend in the last 24 hours.
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