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Despite Bitcoin experiencing a bullish rally, the prime altcoin, Ethereum (ETH), has lagged in relative terms. Ethereum has found the $3,800 price level, a critical resistance it has not breached in the past 30 days.
However, Sandeep Nailwal, the cofounder of Polygon, has made a bold and optimistic prediction about Ethereum’s future price movement.
Bold prediction from Polygon's cofounder
In a post on X, Nailwal contradicts the general sentiment about ETH on the cryptocurrency market. He believes a massive Ethereum pump is "around the corner and it’s going to absolutely melt faces."
Tomiwabold OlajideNailwal’s post suggests he expects a substantial price increase on Ethereum very soon. Notably, he anticipates ETH to rise at an astronomical pace once this bull rally kicks in.
The Polygon cofounder sounds so confident in his prediction of a price surge. He expects the price increase to be so dramatic as to leave more market participants in absolute shock.
Analysts say investors should carefully consider Nailwal’s prediction. They highlighted that Polygon, which he cofounded, was one of the first layer-2 protocols on Ethereum, so his optimism about ETH’s future outlook is not out of place.
As of this writing, ETH is changing hands at $3,405.51, a 2.16% increase in the last 24 hours. The trading volume has, however, dipped slightly by 1.07% to $27.25 billion.
The current price places Ethereum more than 30% away from its all-time high (ATH) of $4,891.70. The coin attained this ATH three years ago, on Nov. 15, 2021.
Catalysts for Ethereum's growth
Ethereum’s slow rise relative to Bitcoin has shocked many market observers, given that the blockchain has undergone several upgrades.
Arman ShirinyanAdditionally, Ethereum has a thriving L2 ecosystem, and many expect its price value to breach new levels as the market maintains its growth trajectory.
Nailwal may have factored these considerations into his prediction, particularly as Polygon just inked a partnership with India's multinational Reliance Jio. So, in his estimation, increased activities from this partnership and other L2 ecosystems could serve as a basis to drive up the value of ETH on the market.
Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.
Yuri Molchan
Tomiwabold Olajide
Vladislav Sopov
Dan Burgin