Ethereum (CRYPTO: ETH) could be on the cusp of a significant rally, according to a well-known crypto analyst, with the cryptocurrency skyrocketing nearly 70% to regain its all-time high.
What happened: Guy Turnerthe host of Coin Bureau, shared insights with his 2.53 million YouTube followers, suggesting that Ethereum (ETH) could hit its all-time high in 2025, following the expected Pectra upgrade.
The Pectra upgrade, expected in 2025, is a two-part hard fork designed to improve the speed, scalability and usability of Ethereum. Binance emphasizes that these changes will make it possible to pay gas fees with any digital asset, provide greater rewards to larger validators, and improve the Ethereum Virtual Machine (EVM).
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Turner believes these improvements could be the catalyst Ethereum needs for a breakout, potentially attracting institutional investors. He stated: “ETH has been desperate for a breakout for quite some time. This could be the spark it needs.”
Currently, Ethereum is trading at $2,902, up 2% for the day. The cryptocurrency’s all-time high was around $4,900 in November 2021, and a return to that level would represent a 68% increase from its current value.
Why it matters: The potential increase in Ethereum’s value is consistent with broader market predictions. A recent note from Standard Chartered predicts a fourfold increase in the market capitalization of digital assets by the end of 2025, driven by expected shifts in regulation and mainstream adoption. This is in line with Turner’s prediction, indicating a favorable environment for Ethereum’s growth.
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Furthermore, Ali Martinez, another prominent analyst, has expressed positive sentiments about Ethereum, citing an attractive risk-reward ratio. Martinez’s strategy involves setting a stop-loss below $1,880 and targeting a take profit price of $6,000, further indicating potential upside momentum for Ethereum.
These developments come amid discussions about the potential impact of the Bitcoin Act, which could reshape the US economy by designating Bitcoin as a strategic reserve.
