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Although Bitcoin is experiencing a bullish surge, the main altcoin, Ethereum (ETH), relatively late. Ethereum found the $3,800 price level, a critical resistance that has not been breached in the past 30 days.
However, Sandeep Nailwal, co-founder of ribbedmade a bold and optimistic prediction about Ethereum's future price movement.
A bold prediction from the co-founder of Polygon
In a mail On X, Nailwal goes against the general opinion about ETH in the cryptocurrency market. He believes a massive Ethereum pump is “around the corner and will completely melt faces.”
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Nailwal's post indicates that he expects a significant increase in Ethereum prices very soon. Notably, ETH is expected to rise at an astronomical pace once this bullish rally begins.
The Polygon co-founder seems very confident in his prediction of higher prices. The price increase is expected to be so dramatic that it will leave more market participants in a state of absolute shock.
Analysts say investors should carefully study Nilewal's outlook. They highlight that Polygon, which he co-founded, was one of the first layer-2 protocols on Ethereum, so his optimism about ETH's outlook is not misplaced.
As of this writing, ETH is changing It traded at $3,405.51, an increase of 2.16% in the past 24 hours. However, trading volume fell slightly by 1.07% to $27.25 billion.
The current price puts Ethereum more than 30% away from its all-time high (ATH) of $4,891.70. The coin reached this ATH three years ago, on November 15, 2021.
Stimulants for Ethereum's growth
Ethereum's slow rise compared to Bitcoin has shocked many market watchers, given that the blockchain has undergone so many changes. Promotions.
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Additionally, Ethereum has a thriving L2 ecosystem, and many expect its price value to surpass new levels as the market maintains its growth trajectory.
Nilewal may have taken these considerations into account in his forecasts, especially since Polygon has just signed a partnership with Indian multinational Reliance Jio. Therefore, in his estimation, increased activities from this partnership and other L2 ecosystems could serve as a basis for raising the value of ETH in the market.
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