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A respected crypto trader and co-founder of Blockroots Josh Rager has made an interesting prediction. He believes that the Ethereum price may reach new highs in the next few years.
Ethereum price is set to hit the $8,000 level in the next few years. These are sentiments of a respected crypto trader and co-founder at Blockroots Josh Rager. In his tweet, Rager triggered a heated conversation between ETH supporters and those criticizing it.
Crazy that $ETH is going to hit $8,000 in the next few years
— Josh Rager 📈 (@Josh_Rager) February 18, 2020
Ethereum has recovered from the dip that hit almost all digital assets yesterday. At the time of reporting ETH is trading at $281.54. Checking Ethereum derivative against the dollar, we can say it is trading at a critical zone where the resistance is strong but can also turn to a support level if it breaks out.
The market is slowly forming a double top on the higher time frame, for short time investors and traders, it is a signal to plan for an exit strategy. Otherwise for long time traders and also asset holders, the bulls are still showing their strength over the bears.
With a 2.74% increase in a day, the digital asset is rejuvenating investors’ hopes to keep on holding. Ethereum is enjoying a huge reception in the crypto space with a market cap of over $30 billion and a 24hr-trade volume standing at slightly above $24 billion.
Rager and several other crypto analysts are very hopeful that the ETH price will continue rallying up in the next few years. Supported by both technical and fundamental reasons, Ethereum is looking at a brighter future ahead.
Is Ethereum $8,000 Forecast Outrageous?
Ethereum is rated among the top crypto assets in the market doing well from all aspects, its market capitalization and trade volume speaks it all. The price forecast cannot be termed as outrageous as the market is giving all indications of pushing higher.
Crypto assets are set to take over the market globally as central banks push for developing a digital currency to compete with the cryptocurrencies. However, most crypto assets will have taken off and will be commanding a huge market share.
With Ethereum blockchain being used by huge market movers like JPMorgan and others, it clearly shows that the market is accepting the assets. ETH is also scalable to support huge and fast transactions compared to Bitcoin.
Recently in an interview with CNN, Ripple CEO Brad Garlinghouse said that there is space for all crypto assets to grow. He continued to say that there will be no one asset dominating the market in the future, and only those focused on solving consumer problems will see the light of the day.
With Ethereum having a huge army in the retail traders behind it and having a finite end, the $8,000 is achievable even sooner than many people anticipate.