As the crypto markets gradually begin to recover, the industry anticipates more breakouts that may affect the course of the recovery, Among the rumors, a prominent crypto expert indicated that he believes Ether would be the first asset to break out of its current range, which would pave the stage for a high of $4,800.
Expert predicts that if Bitcoin reaches $32,000 before the Merge, the price of Ethereum will be 0.15 BTC.
Crypto Kaleo, better known by his Twitter handle @cryptokaleo, is a well-respected cryptocurrency expert. “If anything has a chance of getting it back to the highs from here, it’s ETH,” the unnamed crypto trader told his massive audience.
Kaleo also indicated that if certain criteria are met, the price of ETH could rise back to the $4,800 levels as the Merge draws near. His prediction is that the ETH price will hit $4,800 before the Ethereum Merge if Bitcoin recovers the $32,000 area and the ETH/BTC pair achieves the prior ATH of 0.15. The current price of ETH in BTC is 0.085.
The community will be “in peak euphoria” if ETH reaches those levels, according to Kaleo, and he advises his followers to cash out if it does. “Don’t think we see much beyond that,” he said.
Since the beginning of July, ETH has increased in value by 61%.
Kaleo further said that the highlighted levels are more likely to materialize if the ETH/BTC market cap ratio is caught up with resistance of an all-time high value of 0.72, a rise of around 56% from the present ratio at the time of writing.
The recent performance of ETH over the past three weeks and the anticipation of The Merge, which has caused many whales and sharks to stock up on tokens in anticipation of price swings caused by the event, are the primary factors behind Kaleo’s prediction.
At the time of writing, the price of ETH has risen to $1,637, up 66% from its one-month low of $1,019 on July 13. At its current price of $1,637, Ethereum would end July having increased in value by 61% from its July 1st value of $1,048.