Key Points
- Despite recent selling pressure, analysts predict a bullish turn for Ethereum (ETH) with a potential rise to $10,000.
- Blackrock’s CIO, Samara Cohen, highlights the growing consensus for using Ethereum for tokenization purposes.
Despite the broader market consolidation leading to a strong selling pressure, the price of Ethereum (ETH) is predicted to take a bullish turn.
This prediction comes even as the ETH price continued to trade under $3,500 on Thursday, June 13, despite the SEC Chair Gary Gensler’s announcement of a spot Ethereum ETF going live for trading by the end of summer.
Predictions for Ethereum
Market analyst CrediBULL Crypto remains optimistic about Ethereum’s future, projecting its price to reach $10,000 during the next bull cycle.
The analyst argues that it’s unlikely for Ethereum to stagnate, especially with expectations of Bitcoin’s price crossing $100,000.
Although a 20-30% decline in the ETH/BTC ratio is acknowledged, CrediBULL Crypto believes that ETH price downsides against the USD remain limited, a maximum of 10%.
The analyst also suggests that while Bitcoin approaches its previous all-time high, Ethereum may experience consolidation near its ATH before potentially rallying further.
Ethereum’s Role in Tokenization
Blackrock’s CIO of ETF & Index Investments, Samara Cohen, spoke at a Coinbase event about the shifting preferences in the market.
She highlighted a growing consensus around utilizing open-source Ethereum for tokenization purposes, emphasizing the importance of maintaining liquidity without fragmentation in the market.
Ethereum enthusiast Anthony Sassano echoed Cohen’s sentiment, expressing his bullish outlook on Ethereum’s future.
It remains to be seen whether the Ethereum price will hit its new all-time high levels before the spot Ethereum ETFs go live for trading.
