Ethereum is poised for a hefty rally amid rebounding market conditions, as a major privacy initiative and fresh integrations renew optimism in the $502 billion cryptocurrency.
That’s according to Shawn Young, chief analyst of MEXC Research, who told DL News that when liquidity returns, Ethereum is on track to jump as high as $5,200.
Young cited the Ethereum Foundation’s new privacy initiative as a key catalyst.
“With global interest in privacy, decentralised identity, and secure data ownership, Ethereum’s roadmap is perfectly aligned with the next wave of blockchain adoption.”
Young isn’t alone in his bullishness.
“The next test is if ETH can reclaim $4,500,” Ray Youssef, CEO of peer-to-peer platform NoOnes, told DL News. “That could open the path toward $5,000 to $5,200 in the fourth quarter.”
After last week’s crypto bloodbath wiped out $19 billion in leveraged positions, Ethereum has rebounded above $4,100.