After a month-long market slump, Real Vision CEO Raoul Pal says he is bullish on Ethereum (ETH), the top smart contract platform. At a recent strategy session, the former Goldman Sachs executive suggested that ETH may be preparing for a significant run to the upside.
“I’m very optimistic. I study the graph. The graph looks fantastic. It appears as though a pleasant month-long correction has just occurred. You can use any charts; I’m just looking at the ETH one right now. There is something that will inevitably cause this; I have no idea what it is. After that, I went back and compared all the other low and then vs pick-ups with things like Amazon from 2003–2004. When I look at all of this, it typically progresses higher and faster than people anticipate. then makes corrections.
Pal sets price targets for an uptrend in Ethereum of $2,000 to $3,000 per unit. Yet, he asserts that ETH’s price can rise even further because it gets burned when used in transitions, increasing its scarcity. It may cost anywhere from $2,000 to $3,000. So let’s use that term. It might even be higher. I’m not sure. Because ETH has numerous mechanisms and a very uneven burn, it is very unbalanced.
The amount of ETH decreases as more users join the network. Although I believe it could be an issue for ETH, it will certainly increase its upside volatility. According to Pal, Ethereum might undergo an unexpected V-shape recovery. The possibility of a V-shape up exists. I believe that risk is underpriced.
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