The cryptocurrency markets are making progress toward a recovery, and the industry is keeping its fingers crossed for breakouts in the not-too-distant future that will have the ability to affect the recovery. A well-known cryptocurrency analyst recently stated, amidst the rumors and speculations, that he anticipates ETH, out of all assets, would produce a breakthrough from present levels, which will further emphasize circumstances for a high of $4,800.
Should Bitcoin reach $32,000 before the merge, Pundit forecasts that the value of ETH will rise to 0.15 BTC.
Crypto Kaleo, a well-known cryptocurrency expert, recently posted his thoughts on the market on Twitter under the handle @cryptokaleo. The unnamed cryptocurrency trader added to his sizable following, “If anything has a chance of making it back to the highs from here, it’s ETH.” ETH stands for Ethereum Classic.
In addition, Kaleo claimed that ETH might rocket back up to the levels of $4,800 as the Merge draws closer provided certain criteria are met. According to him, the community would be observing an ETH price of $4,800 if Bitcoin were to retake the $32k zone and the ETH/BTC pair reached the prior ATH of 0.15 before the Ethereum Merge occurred. This would be the case if both of these conditions were met. The current price of ETH in Bitcoin is 0.085 BTC.
Kaleo further advised his followers to take profits if those levels are reached, stating that the community would be “at peak euphoria” then. He said that he “don’t think we see much beyond that,” but the hype of the flippening narrative will be the only thing you see on the timeline if ETH gets anywhere close to those levels. “Don’t think we see much beyond that,” Kaleo added.
Since the beginning of July, ETH has seen a price increase of 61%.
In addition, Kaleo mentioned that the levels that were highlighted are more likely to become a reality if the ETH/BTC market cap ratio is caught up in resistance of an all-time high value of 0.72. This would represent an increase of approximately 56% from the ratio that is present at the time this article was written.