A prominent analyst believes the upward cycle of the leading smart contract platform could last until 2022.
In one Video Benjamin Cowen recently announced to his 598,000 YouTube subscribers that Ethereum (ETH) has been in a strong upward trend since March 2020.
“If you zoom out on the Ethereum chart you will clearly see what it has been doing for the past 18 months or so. It essentially increases over time. “
Weekly ETH / USD Chart | Source: Benjamin Cowen
According to Cowens Chart, Ethereum has grown steadily along an uptrend line from the low of USD 86 in March 2020 to the current price of USD 4,700. From an analyst’s long-term perspective, Ethereum has made a staggering 5.365% gain in less than two years.
The analyst added that he believes Ethereum’s uptrend will continue through 2022 and highlighted a number of fundamental catalysts that could propel ETH’s value to new heights.
“I believe the outlook for Ethereum remains relatively optimistic through 2022, especially with The Merge and what’s to come. Take, for example, the ETH ETF, which will attract more institutional investors to the room. “
The Merge is an upgrade that replaces the PoW behind the Ethereum blockchain with PoS, which is greener, safer and more efficient.
Looking at ETH / BTC, Cowen outlines the next major milestones for the couple.
“I think the first goal would be to break out of the previous local high and then move towards 0.1 BTC. That will be very important. What does 0.1 BTC mean? It’s 10% of Bitcoin … So if Bitcoin is at $ 65,000, it means that ETH / USD will be at $ 6,500 … That would be an important milestone. “
Weekly ETH / BTC chart | Source: Benjamin Cowen
You can see the ETH price Here.
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Disclaimer: This article is for informational purposes only, not investment advice. Investors should research carefully before making a decision. We are not responsible for your investment decisions.
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