Galaxy Digital founder and CEO Mike Novogratz says Ethereum (ETH) possesses more upside potential even after surging by over 90% from its 2022 low reached in June.
Novogratz says in a Bloomberg interview that Ethereum could rise higher if it manages to break through a key resistance level at $2,200.
The Galaxy Digital founder, however, says that Ethereum is unlikely to appreciate on the scale of last year’s bull rally when it hit an all-time high of nearly $5,000 or the 2017 bull run when it reached the then-record high of nearly $1,500.
“Ethereum’s got a little bit more juice to the top of its range. If it takes out $2,200 it could go higher. That’s got a real story.
But I don’t see you know the mania that we saw in 2021 or 2017 reigniting.”
Ethereum is trading at $1,707 at time of writing, up 11% in the past 24 hours.
Novogratz says that the upcoming Ethereum Merge, an upgrade that will see the second-largest crypto asset by market cap transition from the Proof of Work (PoW) to the Proof of Stake (PoS) consensus mechanism, will energize the crypto industry.
“I think the Ethereum Merge is a really big story. When I first bought Ethereum way back in 2015, they were talking about this move from proof of work to proof of stake and you know it’s finally here.
And that gives energy to the space. It’s going to reduce the supply of Ethereum that’s sold every day dramatically.
It’s going to reduce the inflation rate.
And so I think Ethereum has a real story.”
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Featured Image: Shutterstock/Ali ridha