Uptrend Prospects Rising in Ethereum! Famous Strategist Marked This Level For ETH
The cryptocurrency market has been greatly affected by the fall of Bitcoin . While Bitcoin declined below $ 60,000, Ethereum fell to the level of $ 3,800. However, a Bloomberg expert stated that he sees bullish potential in the popular altcoin Ethereum (ETH).
Ethereum Targets $5,000
Mike McGlone, chief commodity strategist at Bloomberg, explained why Ethereum price is likely to reach $5,000. McGlone expressed on Twitter the key parameters that are likely to provide further momentum for Ethereum to eventually reach $5,000.
McGlone made the following statements in his post on Twitter;
Rested, Adjusted Ethereum Rides on Digitization Wave: Demand for BI Commodities is increasing, supply is decreasing, and Ethereum’s position at the epicenter of digitalization of finance and money provides a basis for further price growth.”
Bloomberg’s chief strategist, an expert on commodities, believes Ethereum is at the heart of the digitalization of finance and currency. So much so that McGlone sees this as the main reason why ETH continues to rise and argues that ETH is on its way to reach $ 5,000.
McGlone Compares Bitcoin and Ethereum
While McGlone describes Bitcoin as a commodity whose supply is dwindling but demand is growing tremendously, he thinks Ethereum is resting, correcting and riding the wave of digitization.
The famous strategist also refers to the fact that Ethereum reached its all-time high of $4,366 about a week ago. However, the price has since pulled back and the popular altcoin continues to trade at $ 4,027 as of the time of writing.
According to Glassnode, the total amount of ETH locked in the Ethereum 2.0 deposit contract has reached a new all-time high of $34,337,442,751.90. This value is approximately equal to 8,539,419.84 ETH. On the other hand , Ethereum exits from centralized cryptocurrency exchanges (seven-day MA) recorded a one-month high with a total of $43,969,077.