Ethereum (ETH) witnessed a major pullback on Monday, March 14 and is currently trading at USD 2,550 levels. Along with Bitcoin (BTC), the world’s second largest cryptocurrency remains volatile in the $2,500-$3,200 price range.
As this happens, the Ethereum (ETH) blockchain continues to see some significant developments. On-chain data provider Santiment reported that Ethereum (ETH) has hit an eight-month low, a big relief for ETH investors. According to Saniment:
Ethereum is currently bouncing rapidly around the USD 2,560 level. In addition to the extremely tight #SP500 correlation it has now (even more than Bitcoin)), it now also sees low cost for 8 months. $ETH last had a fee of less than $4.10 in mid-July.
Courtesy: Saniment
On the other hand, billionaire Elon Musk also confirmed that he has Ethereum in his portfolio and added that he will not sell the crypto due to critical concerns about rising inflation. Ethereum 2.0 development is also heading in the right direction with over 10 million ETH on Ethereum’s PoS blockchain.
Bill Barhydt – ETH can go up to $30,000
Speaking to CNBC on Monday, March 14, Bill Barhydt, CEO of crypto exchange Arba, expressed some confidence in Ethereum and said the crypto has the potential to reach $30,000-$40,000.
The different use cases and developments in the Ethereum ecosystem make Bill more optimistic. “Ethereum’s network effect is based on the idea that it could become the computers of the world. It is now used for stablecoins, NFTs (non-fungible tokens), defi (decentralized finance)… and gaming now,” he said.
The Ethereum 2.0 upgrade is expected to go live in mid-2022. He said that after the initial rush to bet, some sort of “sell-the-new effect” could set in. But he remains optimistic that once the overall gas fee falls, it will generally be bullish for ETH investors. Bill said:
“If gas rates and transaction costs come down, which is the promise of the proof-of-stake, watch out, because now all the barriers to those network effects have been removed. I think you’re talking about potentially $30,000-$40,000 Ethereum”.
Ethereum and crypto can expect volatility this year given the Fed’s quantitative tightening measures. However, this could be a good entry point for all long-term investors.
Disclaimer
The content presented may contain the personal opinion of the author and is subject to market conditions. Do your market research before investing in cryptocurrencies. The author or the publication is not responsible for your personal financial loss.
About the author
Bhushan is a fintech enthusiast and has a good flair in understanding financial markets. His interest in economics and finance draws his attention to the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In his spare time, he reads thriller-fiction novels and sometimes explores his culinary skills.
This post Ethereum Gas Fee Hits 8 Month Low, Bill Barhydt Files $30,000 Bull Case for ETH
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