The popular macro investor Raoul Pal explains in detail about EIP-1559 and why Ethereum is a great investment with massive potential.
According to Pal, Ethereum chart is following Bitcoin 2017 chart which would give it an upside projection of $20,000.
“This setup is absolutely brilliant. So the chart pattern was this lovely wedge in Etheruem,”
The investor backs up his prediction by referring to Ethereum network growth. Although Ethereum is not an early project, Ethereum is growing at about 50 to 60% a year in network growth while and Bitcoin’s growing up 30% a year.
Pal also highlights that all of the developments of NFTs and Defi and everything and social tokens are on Ethereum. Especially, with the upcoming EIP-1559, Ethereum’s rally to $20,000 is within the reach.
“1559 is now going to reduce the supply somewhat from 4% to 2% and it’s going to probably lower the gas fees a bit and with the variable block sizes help with the speed and blocking of the network, so in which case, more transactions will go through which will mean more burning.“
According to the trader, with all of the available fundamentals, Ethereum is set up for an exponential move because everything has come together.
“This is one of the best setups I’ve ever seen. I think arguably better than bitcoin in March 2020.”
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