ETH reaches $80, analysts say it is expected to break through $100 soon

ETH prices surged 65% in April to touch $80, but the rally may not be over yet, with analysts predicting the digital token could soon top $100.

According to an interview with Coindesk, cryptocurrency hedge fund managers are perhaps the most optimistic about this prediction, believing that ETH will hit the $100 mark in the coming trading days. ETH, the token used to drive the Ethereum network, was officially launched in 2015. Compared with the price at the time of the Ethereum platform token crowdfunding, ETH has now risen by 2,800%.

Crypto Currency Fund manager Tim Enneking told CoinDesk:

“I told my head trader two days ago that ETH is going to break $100 and will probably stay there for a while.”

Arthur Hayes, who runs cryptocurrency derivatives exchange BitMEX, echoed Enneking’s comments, predicting that ETH’s “massive bull run” could eventually end at $100, arguing that active traders will likely take profits and revalue the asset at that point.

However, not everyone thinks the ETH price trend is worth paying attention to.

Jacob Eliosoff, an algorithmic trader, noted that there is “general hysteria” surrounding publicly traded crypto assets. (The total market capitalization of the entire cryptocurrency ecosystem increased by $11 billion in April, compared with $3.6 billion in March, according to CoinMarketCap.)

Such developments suggest that Bitcoin’s price gains are becoming narrower and traders are looking for profits elsewhere.

Eliosoff told CoinDesk:

“When ETH barely outperforms Dogecoin, that’s a strong signal that Ethereum itself is not in shape.”

Although the Dogecoin project was initially created as a joke and few institutions or developers paid attention, the price of Dogecoin did rise 133% in the last month.

Other respondents pointed to the overall positive trend of the Ethereum platform, which has become a target of institutional interest, including Bank of America and JPMorgan Chase, as well as a budding ecosystem of decentralized applications that use blockchain to automate operations.

The result, according to Eliosoff, is that there is now a growing belief that Ethereum will gain the upper hand among major platforms once market sentiment settles.

He concluded:

“I think ETH presents a good holding opportunity.”