ETH remains the people’s favourite amidst this persistent bear market, mainly due to its recent feats in network activity and the upcoming Merge. Despite the significant blows Ethereum has suffered from the bears—causing it to drop below $1,600—an analyst maintains confidence in his $3k price forecast.
ETHUSD Chart by TradingView
The analyst believes ETH at $3k pre-Merge is still possible
Co-founder of LedgArt and crypto analyst Crypto Kaleo reiterated conviction in his previous ETH forecast. The analyst has for some time now persistently predicted a price of $3,000 for Ethereum pre-Merge. On August 8, he noted that ETH not hitting $3k before the Merge would be a major surprise to him.
Market conditions have changed since Kaleo first propagated his prediction. One would expect him to review it, but the analyst has remained unfazed. Most recently, Kaleo took to Twitter to envision an ETH price of $3k pre-Merge. This would mark an 80% increase from Ethereum’s current value.
“I don’t expect this to be the beginning of a new bull market with new all-time highs,” Kaleo added. He noted that these troubling times within the space are likely to persist for a few more years. However, according to Kaleo, that does not mean some relief rallies will not occur.
Ethereum has been outperforming BTC of late
Ethereum has been mainly outperforming Bitcoin for quite some time now. A recent CryptoQuant chart indicated that ETH’s daily trade volume had surpassed BTC’s. The ETH/BTC pair has also seen a steady uptrend since July, surging to 0.08 in mid-August.
Kaleo believes that, for ETH to attain a $3k value pre-Merge, the ETH/BTC ratio should reach 0.1. According to him, this is reasonably achievable in the coming days.
“Say BTC climbs to $28K-$30K, which I expect – a ratio of 0.1 puts ETH in the $2.8K to $3K range,” he concluded.
As the Ethereum Merge approaches, preparations are already in to ensure a smooth transition. Recently, two clients discovered bugs in their Mainnet updates, but the issues have been resolved. The Merge is still set to happen on September 15.