Ethereum Price Prediction – Can Ether ever reach 10K?

Ethereum has long been an admired blockchain thanks to its smart-contracts feature. Many industries have risen because of it such as Crypto Lending, Crypto Borrowing, Gaming-based crypto projects, and many others. Although Ethereum should surpass Bitcoin because of its additional features, many pitfalls are still in place among coders. Many areas of development in the blockchain are still vague and need improvements. Can Ethereum bridge the gap? Can Ether reach 10k?

Ethereum 2.0

Ethereum Price Prediction – The Story so Far

Many industries have risen and established on the Ethereum blockchain. At the same time, many pitfalls and enhancements areas were discovered such as scalability and ease of use. That’s exactly why Ether’s market capitalization is still far behind Bitcoin. The latter is a well-established blockchain with no errors or undeveloped systems. Despite Ethereum’s smart-contract feature, many improvements are still underway, such as the closest EIP 1559 implementation which is still debatable whether it will be followed by the whole community.

For now, Ether’s price has been on the rise just like all other cryptos. Additionally, Ether’s market dominance stayed relatively constant, which proves that the overall market is moving up rather than Ethereum solely.

Top 10 cryptocurrencies by market dominance
Fig.1 Top 10 cryptocurrencies by market dominance – CoinMarketCap

Can Ether reach 10K?

The current market cap of Ether is around USD 246.5 Billion and has a current price of USD 2,130. For Ether to reach a price of USD 10,000 it would require a market capitalization of USD 1.1 Trillion, which represents the current market cap of Bitcoin. If Ethereum’s EIP go according to plan, and we witness more industries drawn to the Ethereum blockchain, AND other smart-contract blockchain fail to catch up with Ethereum, it is safe to say that this might become possible. Now for the important question: WHEN can Ethereum reach 10k? Well, let’s see how long it took Bitcoin to reach this market cap.

On November 2nd 2020, Bitcoin’s market cap was sitting around USD 250 Billion (close to Ethereum’s current market cap). So technically, it took Bitcoin a mere 6 months to jump to its current USD 1.1 Trillion market cap. Now we’re not saying Ethereum will do that as well, but this is just a close analogy of how fast the cryptocurrency market moves. Many variables are at play when it comes to Ethereum breaking through, and it all comes down to the developers’ community. The upcoming EIP 1559 will definitely have a huge role in determining the future of Ethereum.

Should you BUY Ethereum today?

Currently, the price of Ethereum is consolidating heavily around USD 2,130 and should be bound for a small retracement downwards. More precisely, prices can retrace back to the psychological price of USD 2,000. The current uptrend shows that prices can still continue to break higher and reach the USD 2,500 price target. On the other hand, if prices broke the USD 2,180 price area, this might be an indicator of an uptrend that didn’t end yet, putting the possibility for an entry around that specific price.

ETH/USD 1-day chart showing  potential retracement for Ether
Fig.2 ETH/USD 1-day chart showing potential retracement for Ether – TradingView

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Ethereum Optimism L2 Solution a16z
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