Ethereum Could Reach Above $10k, Crypto Trader Says

There are all kinds of bullish crypto predictions these days despite the corrections that took place in the crypto space.

Davis said that ETH gets ready to appreciate to above $10k on some important fundamental factors.

He said that one of the reasons for which ETH will more than double its price is the falling supply in exchanges.

He said that the supply of ETH in exchanges is in a strong downtrend over the past year as holders either lock their Ethereum in decentralized finance (DeFi) protocols or use their ETH to buy non-fungible tokens (NFTs).

“With the supply mechanics working as they are, it’s only a matter of time before the Ethereum supply crisis ends up jacking up the price in a serious way.”

Check out another relevant tweet that he shared:

The net amount of $ETH leaving exchanges just hit a new record

Over $1.2B worth of $ETH left centralized exchanges yesterday

Last time $1B+ left CEXs, #Ethereum increased by 60% within 30 days pic.twitter.com/wfRuX11Rtk

— IntoTheBlock (@intotheblock) September 16, 2021

He also cited a tweet by the blockchain intelligence platform IntoTheBlock which said that the net amount of ETH exciting crypto exchanges reached a new record high.

The net amount of $ETH leaving exchanges just hit a new record

Over $1.2B worth of $ETH left centralized exchanges yesterday

Last time $1B+ left CEXs, #Ethereum increased by 60% within 30 days pic.twitter.com/wfRuX11Rtk

— IntoTheBlock (@intotheblock) September 16, 2021

It’s been just revealed that the crypto trader and analyst Michaël van de Poppe addressed important levels to watch for Bitcoin (BTC), Ethereum (ETH), and Cardano (ADA).

He explained that there are various signs showing that Bitcoin is gearing up for a fresh rally.

“Yesterday, we’ve had a beautiful retest, so price broke back above the range ($47,000-$50,000), and we’ve actually retested the levels that I wanted ($47,000), and that’s very normal to be having at this stage in which we get some consolidation going on the Bitcoin markets…”

He also said that once BTC breaks above $50,000, the king coin will be “grinding all the way back up towards a new all-time high.”