Ethereum is knocking on the best new door of all time, with a record price of around $4,891, set on November 16, 2021 at around $4,729, and now it costs around $4,729.
Bitmine Chairman Tom Lee recently raised his price target from $10,000 to $16,000, while Etherealize CEO Vivek Raman is on the way. Raman says Ethereum could evolve into a global transaction that drives a central part of the world’s financial and non-financial infrastructure: “digital oil.” His vision will place ETH as a potential $10 trillion asset, converting it to an astounding $80,000 per coin in the long run.
In an interview with Coinage, he said, “I think we need to dream bigger. I think we’re building infrastructure for the global economy as a whole.”
According to Raman, the market often underestimates the possibility of Ethereum due to past set-offs, such as the collapse of FTX and extended unperformance. However, he argues that ETH’s role as a reconciliation layer in the new digital economy is merely growing.
Interestingly, some Bitcoin mining companies have already pivoted to become Ethereum-centric finance companies, demonstrating trust in the future control of ETH, along with or through Bitcoin.
It’s all connected. The NFT market is the perfect example of an entire industry built on Ethereum. Below is a report on how ETH Rally has boosted the NFT space.
Ethereum Short-Term Price Analysis
Ethereum trades its all-time highs at around $4,850 and hoveres in the current range of $4,720-$4,760. Analysts are looking at key short-term price target zones between $4,762 and $5,121. This range marks the next level of resistance that Ethereum must clear to confirm a breakout.
Source: TradingView
On the downside, immediate support lies between $4,473 and $4,631. Holding above this range will make the current uptrend undamaged, but the break below could mean a short-term top.
A new political tailwind? The rally is also taking place incredibly against the political background of Procrypt. Here’s a report on President Trump’s latest move:
If Ethereum continues its current pace, it will not only surpass the record high, but also launch a new phase of price discovery, opening the door to even higher targets later in the cycle.
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