Industry Leader Shares Why Ethereum Price Will Reach $12,000

3 hours ago

Industry person Tom Lee has shared however the Ethereum price could scope $12,000 wrong the adjacent fewer months. He based his prediction connected the Bitcoin terms enactment and however ETH could lucifer the flagship crypto connected a imaginable tally to the upside.

Tom Lee Explains How The Ethereum Price Could Rally To $12,000

Speaking astatine the Binance Blockchain Week, Tom Lee predicted that the Ethereum terms could scope $12,000 arsenic Bitcoin rallies to $250,000 wrong the adjacent fewer months. He explained that ETH tin scope the $12,000 people if the ETH/BTC ratio returns to its eight-year mean of 0.0479. Lee described this imaginable rally to $12,000 arsenic a “huge move.”

Tom Lee further predicted that the Ethereum terms could scope $22,000 if the ETH/BTC ratio gets to its 2021 precocious of 0.0873. He added that helium believes Ethereum volition go the aboriginal of concern and the outgo rails. As such, Lee predicted that the ETH/BTC ratio could scope 0.2500, sparking an Ethereum rally to arsenic precocious arsenic $62,500. In enactment with this, the adept declared that ETH astatine $3,000 is “grossly undervalued.”

Tom Lee besides remarked that the bigger the base, the bigger the breakout for the Ethereum price. He noted that ETH spent years gathering a akin basal to its existent terms enactment earlier the determination from $90 to its erstwhile all-time precocious (ATH) of $4,866. The adept added that if the signifier plays retired again, the adjacent limb could beryllium larger than what radical expect.

It is worthy noting that Tom Lee is the president of BitMine, which is the largest Ethereum treasury company. According to Strategic ETH Reserve data, the institution presently holds 3.73 cardinal ETH, which is conscionable implicit 3% of the altcoin’s full supply. Lee remains bullish connected the Ethereum price, contempt his institution holding an unrealized nonaccomplishment of $3.3 cardinal of their ETH investment.

A Rally To $62,000 Is “Ambitious”

Market commentator Milk Road described Tom Lee’s Ethereum terms prediction of $62,000 successful a fewer months arsenic being ambitious. The level stated that an ETH/BTC ratio of 0.25 has ne'er happened. The highest it has ever gone is 0.15, and that was during the 2017 supercycle, which makes it little apt now, fixed that marketplace conditions person changed.

Tom Lee had based his Ethereum prediction connected Bitcoin hitting $250,000, which Milk Road besides described arsenic an issue. The marketplace commentator noted that BTC would request to surge 177% from existent prices to scope this target. The past clip this happened was successful 2020 erstwhile it surged from $7,000 to $19,000 during the “peak mania.” Notably, BTC didn’t grounds a 100% summation adjacent erstwhile the Bitcoin ETFs launched past year.

At the clip of writing, the Ethereum terms is trading astatine astir $3,000, down implicit 4% successful the past 24 hours, according to data from CoinMarketCap.