An analyst known for making timely crypto calls believes that Ethereum (ETH) is poised to positively surprise investors.
Pseudonymous analyst Pentoshi tells his 869,800 followers on the social media platform X that he’s targeting $3,200 for Ethereum but notes that ETH can print new all-time high prices.
Pentoshi says the macro picture is changing for Ethereum in a meaningful way.
“You can see the narrative changing around ETH right now. And in my opinion, it will be obvious in hindsight. But most are too jaded.
In less than one month, public companies will have bought enough ETH to offset all the ETH that’s been created since the Merge.
It’s 1/9th the market cap of BTC, and takes far less capital to move. That capital is clearly coming.
It’s still very early for this trade. I don’t know if it will be today, tomorrow, or next month. But I think we are going to look back at what is right in front of your eyes and think, I can’t believe it was so obvious.
The amount of capital starting to flow into ETH, will lead to big moves. And all we have to do, is do nothing. Set the tribalism aside, set the past aside.
[Tom Lee] should be paid attention to, and the amount of companies he will onboard, and other retail users.
All you have to do is set your bias aside and look at what’s happening. Hate it or love it. It seems inevitable.”
In a question-and-answer exclusive with the Global Money Talk YouTube channel, Fundstrat managing partner Tom Lee says that Ethereum will come back to life amid increasing stablecoin adoption.
“Stablecoins are being pushed by the United States government. Here’s the thing. Circle (USDC) runs on Ethereum. Stablecoins run on Ethereum. So as stablecoins explode, Ethereum is the backbone for stablecoins. So I think Ethereum is going to make a big comeback as well.”
Data from DefiLlama shows that the total Ethereum stablecoins market cap currently stands at $126.509 billion, up over $431 million in just seven days.
At time of writing, ETH is worth $2,615.
Generated Image: Midjourney
