<

Bloomberg strategist Mike McGlone: Ethereum price is likely to reach $5,000

While the cryptocurrency market is being affected by the drop of Bitcoin, an unexpected Ethereum price prediction comes out with a figure of $5,000.

Major Bloomberg expert explains why Ethereum price is likely to reach $5,000

This is the forecast from the Chief commodity strategist of Bloomberg, Mike McGlone. Accordingly, he has taken to Twitter to name the key advantages of Ethereum, which are likely to give it more impetus to hit $5,000 eventually.

“Rested, Corrected Ethereum Rides Digitization Wave: BI Commodity – Demand is increasing, supply is declining, and Ethereum’s position at the epicenter of the digitization of finance and money is a foundation for further price appreciation,” he tweeted.

bloomberg-strategist-ethereum-price-is-likely-to-reach-5000

Source: Mike McGlone

Major Bloomberg expert on commodities believes that Ethereum is at the heart of the digitalization of finance and currency, And this is the basis for ETH to continue to rise, According to him, ETH is on track to reach $5,000.

As for Bitcoin, he calls it a commodity whose supply is decreasing, but demand is increasing tremendously. As for ETH, the attitude is different. He thinks it is rested and corrected and is riding the digitization wave.

He seems to be referring to the fact that almost a week ago, Ethereum hit a new all-time high of $4,366. But it has since adjusted, trading at $4,020 at press time.

bloomberg-strategist-ethereum-price-is-likely-to-reach-5000

Source: Glassnode

According to Glassnode, the total amount of ETH locked in the Ethereum 2.0 deposit contract has reached a new lifetime high of $34,337,442,751.90. That equates to 8,539,419.84 ETH. Outflows of Ether from centralized crypto exchanges (seven-day MA) have surged to a one-month high, totaling $43,969,077 at the moment.

Also, EthereumExchange Net Flow (1d MA) just reached a 3-month low of -$32,038,205.20 A previous 3-month low of -$27,891,183.94 was observed on 21 October 2021. It looks like it’s going to be tough times for ETH as well.

Read more:

Join us on Telegram

Follow us on Twitter

Follow us on Facebook

You might also like

LATEST NEWS

LASTEST NEWS