Ethereum [ETH] to $10k: A futile forecast or a reasonable bet
Before the price of Ethereum [ETH] rose to 39.98% in the last three months, there has been speculation about the altcoin reaching the $10,000 mark. While some investors and analysts believe that such a feat is possible, others are more unconvinced, citing a range of factors that could hinder Ethereum’s upward trajectory.
Read Ethereum’s [ETH] Price Prediction 2023-2024
Interestingly, Charles Burniske, web3 venture capitalist and crypto analyst, brought the subject back on 9 April. The analyst, who has always been bullish on the crypto ecosystem, opined that those who doubted ETH at every landmark should not be surprised when the cryptocurrency’s price hits $10,000.
Burniske was quick to quench the perception that his projection was a short-term projection. Instead, he took a dig at Balaji Srinivasan’s 90-day Bitcoin [BTC] prediction, saying that it was possible in 2025.
As a matter of fact, the same debate surrounding ETH’s future prior to hitting its ATH during the 2021 bull run. But is a run to the milestone feasible? Well, some on-chain metrics could have a say in the possibility or otherwise.
According to Glassnode, Ethereum’s liveliness was 0.68 on 6 April. Liveliness takes into account the sum of the Coin Days Destroyed (CDD) and the sum of the coins created. When the metric decreases, it means holders have resulted in continued accumulation. When it increases, it infers that long-term holders were liquidating their positions.
Source: Glassnode
At press time, liveliness’ data represented a slight decrease. This meant that investors had reneged on liquidating positions. Therefore, a continuation in this manner has the possibility to sustain the momentum for the aforementioned projection.
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