A cryptocurrency analyst has released a modern report from Etherealize, a leading cryptocurrency research firm, that predicts how high Ethereum’s price could reach if its market capitalization was equal to that of gold. The expert believes that apart from price action, the Ethereum network may also evolve global settlement layerfurther strengthening its position in the crypto space. Taken together, these events provide a mighty bullish outlook for the cryptocurrency, even amid the crisis recent volatility and price declines that influenced the market.
Digital Oil, a pseudonymous analyst and investor, presents a bold, long-term thesis: arguing that the Ethereum network and its native asset, ETH, are capable of taking over the two largest markets in the world. As the second largest cryptocurrency by market capitalization and the basis of decentralized financethe analyst stated that Ethereum offers an endless range of possibilities.
Ethereum target price at the level of gold market capitalization
He referred to Etherealize’s analytics report, which describes ETH as a productive store of value outperforms gold, while Ethereum itself is seen as the settlement layer for the future of global finance. This suggests that the blockchain network may be at the center of the world’s money flow in the future.
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The report, titled The Bull Case for Ethereum: Digital Oil, Store of Value and Global Reserve Asset for the Digital Economy, was produced by Etherealize to facilitate institutional investors better understand ETH’s role in the evolving digital economy.
Based on the analysis, Etherealize has a long-term price target of $250,000 for ETH, which would represent an upside of over 11,400% from current levels. This figure could put the cryptocurrency’s market capitalization, currently at $256.78 billion, on par with market valuation of gold worth USD 32 trillion.
It’s worth noting that Etherealize has pointed to 2045 as the approximate timeline for this potential milestone. The research firm acknowledged that the widespread adoption needed to catalyze this growth could change that date depending on how quickly or slowly it occurs.
Despite the uncertainty around the timing, Digital Oil remains the same at Etherealize bullish prospects for Ethereum. He said the anticipated change was inevitable and could happen soon. As a result, the analyst urged investors and traders to prepare in advance by positioning for the long-term development of the ETH and Ethereum networks.
Analyst says ETH could rise above $3,000
Focusing more on Ethereum’s near-term price outlook, cryptocurrency analyst Ted Pillows predicted on X then Cryptocurrency may rise towards the $2,250 zone, with a possibility of rising above $3,000 if the upward momentum continues. At the time of writing, ETH is trading above $2,100.
After noting a series of price declines, the analyst suggested that ETH is currently trying to reclaim $2,150 and break past resistance levels. Pillows warns that if Ethereum faces another rejection before reaching the resistance area, this could happen they open the door to a pointed correction towards $2,000. Such a move would represent a decline of more than 5% from current levels.
Featured image from Pexels, chart from Tradingview.com
