ETH May Reach New All-Time Highs Amid ETH 2.0 Hype: Crypto Analyst

A popular crypto enthusiast posted on Twitter that the upcoming upgrade may push ETH beyond its all-time high, $4,800. He said the massive hype around would skyrocket the Ethereum network’s price action.

ETH Market Cap And Price May Reach $4.8K Again – Kaleo 

The twitter member with a pseudonym, Kaleo, told his 530,000 followers that ETH is the favorite coin to gain its all-time high back. He said the coin has a higher potential to thrive than other coins in this market crisis.

Furthermore, Kaleo pointed out that the fast-approaching transition of Ethereum to proof of stake is a crucial factor in his prediction. He continued that the transition would create a flippening effect which may skyrocket Ethereum’s market cap beyond Bitcoin’s market cap.

The famous analyst illustrated that if BTC attained the price level of $32K, and the ETH/BTC ratio returned to the former all-time high of 0.15 BTC before the transition, then it is almost sure that Ethereum would surpass the $4800 price after the upgrade.

In addition, he said ETH had not surpassed that level ever before, but as soon as the transition is complete, the hype will be all over the crypto market. Consequently, ETH’s price may reach or surpass the former all-time high, at that point when the euphoria is at its highest. 

Kaleo Agrees He Could Be Wrong

He said everyone should take profit at the peak just in case the price rescinds again. Even though Kaleo is optimistic about the potential massive rise, he does not rule out the reverse scenario. 

He pointed out that the ETH/BTC ratio may drop to 0.113 BTC. If that happens, ETH would be at the $2661 price level, which it last touched in 2018.

Furthermore, he said his prediction might hit resistance at the market capitulation level of 0.73, which is about 56% pump from the current market cap. He said this would be equal to a pair ratio at 0.112, with the price of ETH trading at $3.6k and that of BTC at $32k

He illustrated his BTC target range to be between $28k and $33k and that of ETH at the range of $3.1k to $3.7k. At the time of publication, Ethereum trades at the price level of $1.7k, while Bitcoin maintains a price level of 23.7k.

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