Remi Tetot, a Macro Analyst and Co-Founder of Real Vision, has presented a graphic comparing the price swings of Bitcoin and Ethereum. Tetot predicts that Ethereum will reach $15,000 in the next six months. He also mentioned the network effect as a factor in the price movement.
#Ethereum will cross $15k in the next 6 months…
The network effect in action! pic.twitter.com/zdHBajYmuM
— Remi Tetot (@Remi_Tetot) August 25, 2021
Ethereum’s London Hard fork has resulted in price swings. Because the upgrade established a deflationary mechanism for ETH, analysts appear to be in agreement that Ethereum will receive major improvements in the future.
It isn’t necessarily a positive thing. As more users flocked to the network, Ethereum’s gas fees rose. The increased burn rates were accompanied by an increase in ETH gas prices. Analysts, on the other hand, remain bullish on ETH.
After seeing Tetot’s tweet, another technical analyst weighed in, predicting that ETH will hit $15k in the next six months. Justin Bennett, the founder of Cryptoacademy and a technical analyst, gave his thoughts.
Bennett described how ETH passed through yet another big climbing channel. An ascending channel is defined as price movement that is bounded by upward sloping parallel lines. This suggests an extremely positive attitude.