More predictions for Ethereum and Dogecoin are coming in, but not everything is good news.
An analyst shared that Ethereum is likely to hit $10,000 by the end of the year. On the other hand, investors need to be careful with the a Doge since it might drop to $0.22.
Several investors are carefully observing market trends for the next big surge where they could grab quick profits. Analysts say that the ETH market has a huge potential for growth in the coming months, so cryptocurrency holders should reconsider their long-term investments.
Ethereum Price Prediction: $10,000 by the End of 2021
Ethereum has been doing relatively well in these last couple of weeks, do much so that banking executives forecast a “seismic” shift happening. In five to 10 years’ time, cryptocurrencies might even replace traditional fiat currencies.
Magnetic Managing Director Megan Kaspar shared the sentiment in her prediction with Ethereum, as reported by Yahoo! Finance. She accurately predicted ETH’s price spike to $3,000 when it was still trading at $1,000 in January. Now, she is forecasting that the market cap could hit $8,000 to $10,000 sometime in 2021.
In a Yahoo! Finance report Kaspar said, “Investors are still using crypto as a favorite tool to hedge against inflation. Towards the end of the year, beginning of next year, we’ll have about a million worth of ethereum coming out of supply. So that will initiate it becoming a deflationary asset.”
Notably, Ethereum also expanded its network to non-fungible tokens (NFT) trading. This week alone, a cartoon image of a rock sold for 555 ETH, more than $1.7 million equivalent. Monthly NFT sales also average at $900 million in August, according to NonFungible.
EtherRock 38 purchased for Ξ555 Ether
21 mins ago (Aug-26-2021 08:14:19 PM +UTC)
— EtherRock Price (@etherrockprice) August 26, 2021
With these two factors, Ethereum is getting stability and market activity which could significantly boost its value over the next few months.
At the time of writing, ETH is valued at $3,254.32, with a 5.4 percent upward trend in the last 24 hours.
Dogecoin Price Prediction: Dangerous Levels Below $0.28
On the flip side, the internet favorite meme coin traded at dangerous levels in the last 12 hours. Dogecoin significantly dropped from its $0.35 trading value in the last couple of months, resulting in bearish sentiment.
Analysts from Yahoo! Finance warned dangerous trading levels if the coin dropped below the $0.27 trade marker, where the coin could dip at the $0.22 price levels.
At the time of writing, Dogecoin is at $0.29 trading values, with a 9.2 upward trend in the last 24 hours. Six hours before this article, Dogecoin dropped to $0.26 but immediately recovered afterward.
Earlier reports highlighted Dogecoin as a crypto dependent on market trends and internet sentiment. Because of its nature, Dogecoin has defied logic, spiking at insane profits and dropping without market warning.
To emphasize, Dogecoin recovered from its dangerous trading levels, saving investors from losing their money. However, be warned that its trade value could be priced between $0.22 to $0.64 anytime this week.