Even after setting a new record of $ 1,439 on Monday, the race for Ethereum’s ethereal cryptocurrency may have just begun, according to Fundstrat Global Advisors strategist David Grider.
Basing his forecast in part on use cases for Ethereum’s blockchain technology, Grider wrote in a note on Tuesday that ether has room for a $ 10,500 high, according to Bloomberg. This represents an increase of more than seven times over the current price of $ 1,320.
“Ether is the best crypto risk / reward investment game,” said Grider, adding that “blockchain computing could be the future of the cloud.”
Grider sees upward pressure from the growing role of the second largest cryptocurrency as the underlying infrastructure for the decentralized financial space (or DeFi), which witnessed explosive growth in 2020. Ethereum is also eyeing the ability to process transactions to rival card payment giants with a major network upgrade, according to the report.
Ethereum launched its Beacon network in December, initiating a series of three-part transitions with the goal of building a blockchain capable of handling an entire financial system.
However, any delay in impending updates could hurt the price of the ether, Grider said. Risks for the bullish forecast include setbacks for the network upgrade or a bearish crypto market