Ethereum, the world’s second-largest cryptocurrency by market cap, seems to be performing really well after bulls are back in charge after a week and managed to drive the currency above the $3,000 level.
As the currency is trading above $3,100 at present, analysts are bullish about Ethereum price and expect the currency to surge further by the end of 2022.
Bullish Outlook For Ethereum (ETH) Price
Based on discounted cash flow model, Bloomberg analyst Jamie Coutts & market analyst Ryan Allis put forth their bullish prediction on Ethereum.
Jamie Coutts, the analyst at Bloomberg, believes Ethereum’s price to reach the $6,100 level. The analyst asserts that Ethereum enjoys a unique blend of equity, commodity & monetary characteristics.
When talking about the merge of the execution layer & consensus layer, Coutts finds himself in a bullish state. The merger will allow users to stake their Ethereum & earn income and also 30% of the Ethereum transaction fees will be distributed to the stakers.
On the other hand, Crypto quant hedge fund owner & market analyst, Ryan Allis, is of the opinion that ETH market valuations are worth $832 billion and claims Ethereum transaction fees in January 2022 surpassed $1.3 billion.
As per Allis’s explanation where he says, Ethereum’s revenue in Feb 2022 was positioned at $715.4 million, the annual revenue should account for $8.58 billion. Explaining his further prediction, Allis says the net profits are equal to the revenue which is 100% profits as no costs are connected with the distributed system.
For the next 20 years, Allis expects Ethereum’s annual revenue growth rate at 25% and this puts the intrinsic value at $7,500.
Whale Addresses Supply!
The top 10 Ethereum whales holding is surging and have once again reached closer to 5-year high. Santiment, an on-chain data provider states , “Ethereum’s top 10 #whale addresses hold 4.3% more of the total supply than they did one year ago today. The 23.7% of all $ETH held by these wallets remains very close to the 5-year high levels that it first breached in late January.”