Crypto investors have certainly had a nice run in recent weeks. Those invested in Ethereum (CCC:ETH-USD) have seen this cryptocurrency climb back above the $3,000 level. Currently, Ethereum is holding this key resistance level. However, investors considering ETH as a long-term holding are increasingly looking for expert Ethereum price predictions to guide such a decision.
Indeed, cryptocurrencies don’t necessarily move in line with other traditional asset classes. Rather, these assets are based on the supply and demand of a specific set of investors.
Some intriguing Ethereum price predictions have begun to surface. One in particular comes from Ki Young Ju, CEO of on-chain analytics service CryptoQuant. Let’s dive into Ju’s analysis and where he sees ETH headed from here.
Ethereum Price Predictions
In a recent tweet, Ju outlined his belief that ETH could potentially reach a new all-time high earlier than BTC. This controversial take is the result of two key factors. The first, according to Ju, is the fact that ETH is already closer to its all-time high, making this a statistical probability. Secondly, he sees the supply/demand fundamentals as more favorable for ETH relative to BTC.
— Ki Young Ju 주기영 (@ki_young_ju) August 18, 2021
It’s worth noting that Ju has had even more controversial takes in the past. He views the potential for ETH to overtake BTC in the long term in terms of market capitalization as a possibility. This view is not widely shared, but it is an intriguing one. Many analysts have jumped aboard the recent London hard fork as a driver for outsized gains for Ethereum relative to Bitcoin over time.
However, recent reports have highlighted the supply changes coming to the Ethereum network as a result of its hard fork implementation as reasons for optimism. With ETH tokens being burned rather than created as incentives for miners, reduced supply should push up prices. Additionally, Ethereum may see increased demand due to a shift toward proof-of-stake mining over time.
These factors have resulted in a number of other analysts joining Ju in sharing the view that ETH could outperform BTC. Only time will tell how these cryptocurrencies perform relative to each other. However, crypto investors are certainly likely to take into consideration what these experts think.
On the date of publication, Chris MacDonald did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.