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Ethereum ($ETH), which broke its 2021 $ATH by surpassing $4,900 in late August and set a new record, has since experienced sharp declines.
At this point, $ETH experienced its steepest declines at the end of September and on Friday last week. However, expectations for a major rally for $ETH remain unchanged.
Two prominent figures in the market, BitMine president Tom Lee and BitMEX co-founder Arthur Hayes, stated that Ethereum will reach $10,000 within the year.
In a recent appearance on the Bankless podcast, the duo reiterated their previous prediction that Ethereum would reach $10,000 this year.
“The year-end price target for Ethereum is in the $10,000 to $12,000 range.
What happened recently is not a bubble, but a price discovery for a new price level.”
Tom Lee said that $ETH breaking its 2021 $ATH and reaching around $4,940 is not a new peak, but a search for a floor and price discovery for a long-term uptrend.
“Ethereum has been trading sideways for about four years since 2021 and recently broke through the upper limit of this range. At this point, $ETH has just broken out of a 4-year long range, so in my opinion, this is not a breakout, but essentially a search for price discovery at a new level,” Lee said.
Hayes said, “The outlook for Ethereum has not changed. Our prediction of $ETH reaching $10,000 by the end of the year remains valid.”
Ethereum is currently trading around $4,100 and reaching $10,000 would represent an increase of approximately 143%.
*This is not investment advice.