Bill Barhydt believes Ethereum can reach $30,000-$40,000 in value.
ETH gas cost at its lowest level in eight months as per Santiment.
On Monday, March 14, Ethereum (ETH) had a significant rebound and is now trading above the $2,550 level and have been consolidating near the critical support area. However, aside from Bitcoin (BTC), the second-largest cryptocurrency remains volatile in the area of $2,500-$3,200.
ETH/USDT: Source: TradingView
Ethereum (ETH) continues to witness huge advancements as this occurs. However, with ETH gas cost at its lowest level in eight months, on-chain data provider Santiment brings some comfort to ETH investors.
According to Santiment,
“Ethereum is bouncing rapidly around the $2,560 level currently. In addition to the extremely tight #SP500 correlation it has right now (even more than Bitcoin), it’s also seeing 8-month low fees right now. $ETH last had fees below $4.10 in mid-July.”
Optimistic Sentiments Surround ETH
On the other hand, Elon Musk has acknowledged that he owns Ethereum and that he has no plans to sell the cryptocurrency because of his grave fears about inflation. With more than 10 million ETH staked on Ethereum’s PoS blockchain, the Ethereum 2.0 development likewise progresses in the correct path.
Bill Barhydt, CEO of crypto exchange Arba, told CNBC on Monday, March 14, that he believes Ethereum can reach $30,000-$40,000 in value. In mid-2022, Ethereum 2.0 is projected to go online. Even if the total gas charge is expected to decrease, he is still optimistic that this would be good news for Ethereum investors in the long run.
The Fed’s quantitative tightening policies mean that Ethereum and other cryptocurrencies will likely see further volatility. However, for long-term investors, this might be a fantastic starting point. According to CoinMarketCap, the Ethereum price today is $2,527.52 USD with a 24-hour trading volume of $11,060,430,983 USD. Ethereum has been down 2.27% in the last 24 hours.