Real Vision CEO Raoul Pal was optimistic about the outlook for Ethereum (ETH) after the correction in the cryptocurrency market over the past month.
As he noted, Ethereum seems to be preparing the groundwork to record a significant upward trajectory:
“I’m really optimistic. I look at the chart. The graph looks great. It looks like we just had this nice kind of one-month correction. I’m looking at the ETH [chart], but you can use any of the charts. I don’t know what it is, but there’s one thing that will just trigger it. Then I went back and looked at all the other previous pick-ups from the lows and then against things like Amazon in 2003-04. I look at all these things and normally always the trajectory that follows is upward and faster than people expect. And then it corrects,” Raoul Pal said.
to Raoul Pal’s estimates, the price target he has set for Ethereum in the next period of time is between $2,000 and $3,000. However, he notes that the price of ETH could go even higher, as it “burns up” when used in transitions, making it more scarce.
“It could be between $2,000 and $3,000. It could be higher. I don’t know. Because there are a lot of mechanics in ETH because of the ‘burn’ mechanism. The more people come online, the less ETH remains available. I think it could be a problem for ETH, but it will give it a lot of upside volatility.”
In closing, Pal notes that Ehtereum may go on an unexpected V-shaped rebound:
“There is a risk of a V-shape. That is the risk. I think it’s undervalued.”
- CFTC Chairman Asserts Ethereum is a Commodity, Not a Security
- New York Attorney General Sues KuCoin, Argues Ethereum and Other Cryptocurrencies are Securities
- Ethereum Smart Contract Deployments Soar 293% in 2022
- Ethereum Validators Reach Half a Million Ahead of “Shanghai” Upgrade
- Ethereum’s ‘Account Abstraction’ aims to make crypto as user-friendly as traditional banking