After more than a year of being sidelined by memecoins and rival blockchains, Ethereum is finally picking up momentum.
Fresh off an almost 50% uptick in the last 60 days, market analysts say there’s more room for the price to grow.
“The current big rises on the [Ether] chart are the result of investors already pricing in the rise of Ethereum,” Mateusz Kara, CEO of Ari10, a crypto payment company, said in comments shared with DL News.
“An [Ethereum] price of $7,000 no longer seems unrealistic.”
Ethereum traded for $3,600 on Friday, about 50% below Kara’s target, which would also be a new all-time high. Ethereum’s current price record is the $4,878 achieved four years ago.
Ethereum’s current price uptick comes amid a crypto rally that has seen the overall industry break the $4 trillion barrier for the first time.
The second biggest cryptocurrency has enjoyed a steady inflow of institutional capital via exchange-traded funds and its adoption as a corporate treasury reserve asset, just like Bitcoin.
Companies like SharpLink Gaming and Bitmine have begun acquiring Ethereum for their corporate balance sheets, a move which analysts say is indicative of the asset’s broadening appeal among institutional investors.