Ethereum (ETH) experienced a huge rebound on Monday, March 14, and is now trading around $2,550. The world’s second-largest cryptocurrency, along with Bitcoin (BTC), has remained volatile in the $2,500-$3,200 range.
As a result, the Ethereum (ETH) blockchain continues to undergo major changes. Santiment, an on-chain data source, revealed that the Ethereum (ETH) price has dropped to an eight-month low, which is good news for ETH investors. According to Santiment:
Ethereum is bouncing rapidly around the $2,560 level currently. In addition to the extremely tight #SP500 correlation it has right now (even more than Bitcoin), it’s also seeing 8-month low fees right now. $ETH last had fees below $4.10 in mid-July.
On the other side, billionaire Elon Musk revealed that he owns Ethereum and stated that he will not be selling the cryptocurrency due to rising inflation fears.
With over 10 million ETH staked on Ethereum’s PoS blockchain, the Ethereum 2.0 development is likewise on the right track.
Bill Barhydt says ETH Can Reach $30,000
Bill Barhydt, CEO of crypto exchange Arba on Monday, March 14, told CNBC that Ethereum has the potential to reach $30,000-$40,000.
Bill is becoming more bullish as a result of the various use cases and advances in the Ethereum ecosystem. “The network effect of Ethereum is founded on the idea that it could one day replace the world’s computers.” It’s currently being utilized for stablecoins, non-fungible tokens, decentralized finance, and gaming,” he said.
By the middle of 2022, the Ethereum 2.0 upgrade is expected to be functional. He believes that after the initial rush to stake, some “sell-the-news effect.” However, he remains optimistic that if the overall gas fee is reduced, ETH investors will benefit. Bill said, “
“If the gas fees and the transaction fees come down, which is the promise of the proof-of-stake, look out, because now all of the impediments of those network effects are taken out of the way. I think, you are talking potentially $30,000-$40,000 Ethereum”.
Given the Fed’s quantitative tightening policies, Ethereum and crypto can expect increased volatility this year. For all long-term investors, however, this could be a good entry point.