Chris Burnisk says that the ETH rate will reach $10,000 in the near future
The cryptocurrency market is waiting for another important event. On April 12, a large-scale update of the Ethereum network, called Shanghai, is scheduled. After that, users who have staked their ETH will be able to withdraw and sell them.
After the upgrade, about 14% of the total supply of Ethereum will start to be released, which is quite a lot, and it seems that this should affect the value of Ethereum. However, analysts are still quite cautious in their forecasts.
According to CryptoQuant, about 60% of the assets locked in staking contracts (more than 10 million coins) are now relatively unprofitable. Of course, here we are talking about comparing today’s price with the value at the time of placement of each ETH.
A significant number of unprofitable tokens were blocked from March 2021 to June last year. Back then, Ethereum was worth over $2,000. At the same time, a significant part of the remaining profitable tokens has risen in price only by 20–30%. This means that it is not profitable for stakers to sell their ETH right now.
Santiment analysts also note that the mood towards Ethereum cannot be called positive yet. And this is taking into account the achievement of the second largest cryptocurrency by capitalization of an eight-month maximum.
The bears are waiting for the depreciation after the update. As of April 7, the weighted sentiment (an indicator that compares the ratio of negative asset mentions to positive ones) fell from February’s 7.21 to -0.19 However, this very situation may motivate large investors to enter the market.
Placeholder partner Chris Burnisk says that Ethereum price could reach $10,000 in the near future. The investor noted that he expects to update the maximum for the crypto-coin, and in the future its value may increase by 438%.
“Before, skeptics didn’t believe in Ether at $1, then at $10, $100 and $1,000, but we saw these tops. And now they refuse to believe in ETH at $10,000. Well, see you there. Of course, short-term pullbacks can be expected, but large-scale capitulations of the bulls should not be expected,” Burnisk said.
