Ethereum Is in Bull Market and New Highs Will Follow, Says Bloomberg Senior Strategist

Ethereum

Ethereum’s new foundation and perspectives to flip Bitcoin, in opinion of Mike McGlone

According to Mike McGloneThe successful transition of the crypto market’s main altcoin to proof-of-stake during the severe global economic crisis, as well as its dominant position in the digital financial revolution, is creating a new foundation for Ethereum. In the eyes of experts, this foundation is now taking shape in the region of $ 1,000.

In the chart above, McGlone demonstrates that Ethereum has the potential to build a foundation around the 2018 peak, when global liquidity was in excess of 14%, as opposed to the current -5%.

As the strategist further notes, the altcoin is now trading at a discount as part of the expanding bull market. The fact that the price is down about 70% from its 2021 peak to date, but still about four times the 2020 average, is typical of such a nascent asset or technology, which is a common condition for a decline, which often follows the high.

What could be stopping Ethereum?

It seems that the chances of Bitcoin’s Ethereum flip were higher before the blockchain’s move to PoS consensus. According to a number of crypto enthusiasts, the Ethereum network has become a more centralized, controlled network with the upgrade, which is also supported by fresh data that already 63% of all ETH validators are behaving in line with the OFAC.

Such decisions, unpopular with true crypto enthusiasts, may not be a deterrent to Ethereum becoming the number one blockchain, but they certainly tip the scales further in Bitcoin’s favor.

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