- Ethereum price could recover from its downtrend as Bloomberg analyst predicts the altcoin is currently undervalued.
- Proponents note a spike in anticipation ahead of the upcoming merge on the Ethereum mainnet.
- Analysts have predicted a massive breakout in Ethereum price as the altcoin posts nearly 22% gains over two weeks.
Ethereum price posted massive gains over the past two weeks as the altcoin continued its uptrend. Analysts have evaluated the Ethereum price trend and noted that the altcoin is undervalued; there is a likelihood of a rally to a $6,000 target.
Ethereum price prepares for breakout
Ethereum price has posted double-digit gains as investors turn bullish on the altcoin. A Bloomberg analyst believes Ethereum is currently undervalued. Jamie Coutts, a crypto market analyst at Bloomberg, believes Ethereum is yet to fulfill its potential.
Coutts has predicted a 100% price rally in Ethereum. The analyst believes Ethereum has a “unique blend of equity, commodity and monetary characteristics.” The analyst argues Ethereum price could climb to $6,128.
Justin Bennett, a crypto analyst and trader, believes the turnaround in Ethereum price arrived two weeks ago when the altcoin witnessed a trend reversal.
Post the arrival of the merge on the testnet; the Ethereum community is awaiting the upgrade on the mainnet. Proponents believe the merge would have bullish implications for Ethereum price. The possibility of earning returns on staked Ethereum has attracted investors to the altcoin, while the merge promises to reduce energy consumption by 99.95%. These updates are considered bullish for the Ethereum price.
Institutional capital inflow in the altcoin has increased systematically, ahead of the reduction in energy consumption. Alongside the energy reduction, there is a considerable impact on the altcoin’s circulating supply as the net issuance witnesses a significant drop.
FXStreet analysts believe Ethereum price could rise to $3,500 over the weekend as the altcoin continues its uptrend. Analysts have noted bullish momentum in the altcoin.