Top Trader Predicts Ethereum Will Pump for the Next 30 Days
In the recent video, the prominent trader Tyler Swope makes his prediction that Ethereum (ETH) is going to pump for the next 30 days and can hit $10,000 this year as big releases coming.
According to the analyst, over the past 5 days, Ethereum has gained pretty much 1% in market cap dominance, pushing it past 18.61 percent.
“1 percent of total global market cap in just 5 days is pretty dang significant, especially with the markets being dumped on Monday”, says Swope.
The #1 reason for this rising dominance is because of Ethereum mining resilience in China. With mining and hashrate reduction due to the “China Mining Ban”, Ethereum’s hashrate collapsed about 20% from its May highs, while Bitcoin dropped by over 50%.
The crypto strategist explains that Ethereum mining is more globally distributed, thus China bailing out of mining didn’t affect Ethereum as much. Moreover, Ethereum mining is not getting hit like Bitcoin in China. He then cites an article saying that “The majority of SOS’ China operations, namely, its insurance businesses, call centers and Ethereum mining businesses, remain unaffected and fully operational”.
The #2 reason is that Ethereum London continues on schedule.
“That is getting the markets excited….but it isn’t only core protocol upgrades coming….it’s the upgrades to scalability and also to how Ether is staked”.
The trader then talks about #3 reason: Arbitrum Rollup Mainnet is arriving soon: “There are many rollup solutions coming & coming sooner than you think”.
One of the most highlighted on Swope’s list is the Arbitrum’s rollup solution. The roll-up has been in a developer public mainnet since March 28th: “For well over a month, developers have gotten to play around with it….and there are some interesting “developer moves” happening recently that relate to Arbitrum”.
Another worth-mentioning roll-up is the Optimistic roll-up, which has some of the big players pledging to use, like Uniswap and Synthetix.
“In the middle of June on the 17th, it was announced by Consensys Infura, Truffle, and Metamask would be rolled out to the rollup, so they worked right out the gate and they hinted about it being ready for prime time”.
At the end of the video, the trader concludes:
“So my friends, this all could be happening in the next couple of months: London upgrade, which means Burn Ether Burn, with Eip 1559, Arbitrum mainnet opens to the public, Optimistic Rollup opens to the public, ZKsync mainnet…and even Rocketpool goes live. That’s the 1-2-3-4-5 punch. No wonder Ethereum is gaining ratio, and ready to turn extremely bullish. If bitcoin gives any sign of bull green, Ether is usually off to the races, gaining much more”.
- Is Stablecoin Safe Or A Massive Crypto Risk?
- Crypto Whales Is Targeting This Altcoin And Bitcoin In July 2021, According To Altcoin Daily