Crypto Research Analyst puts Ethereum at $ 9,000 in six months

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Ethereum had a good year in 2021, although the digital asset looks to end the year on a less bullish note. Nonetheless, investor sentiment around altcoin continues to be positive, as most expect the cryptocurrency to perform well in the years to come. One of them is crypto research analyst at Fundstrat, Armando Aguilar, who believes Ethereum will double in price next year.

Ethereum is heading for a big year

In a report on Business Insider, Aguilar noted that the year has been turbulent for the cryptocurrency market. There have been several bullish rallies and crashes that rocked the market over the course of the year, and the analyst expects this instability to persist into the next year. However, next year doesn’t seem to be that bad from her perspective.

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Aguilar shared with Insider that he expects greater adoption from institutional investors in bitcoin, which would lead to what he sees as a successful year. For Ethereum, this has significant implications as the coin has now lost its foothold above $ 4,000. Aguilar explained that he sees the price of Ethereum doing very well at the start of 2022.

ETH begins its recovery around $ 4,000 | Source: ETHUSD on TradingView.com

It values ​​the price of the second largest cryptocurrency by market cap at $ 9,000 by the second quarter of 2022. This will be propelled by the growth of decentralized finance (DeFi), metaverse and NFTs.

Even with DeFi’s explosive growth in 2021, Aguilar envisions this growth until 2022 as institutional investors gain more market share. As this demand increases, the value of Atheneum will rise with it, raising it to $ 9,000 in the first half of 2022. “I think DeFi will play a major role for institutional capital next year,” Aguilar said. “As institutional and commercial demand has pushed DeFi to new heights, the trends will continue to spread in 2022.”

Bitcoin six-digit clock

For Ethereum to reach Aguilar’s prediction, bitcoin is also expected to experience explosive growth in 2022. This is why the analyst also expects bitcoin to finally hit six digits in the same time frame. He attributes this to greater adoption by institutional investors as they turn to bitcoin to fight rising inflation rates. This will see the price of bitcoin finally climb to the coveted price of $ 100,000.

Related reading | By the Numbers: How Ethereum 2.0’s One-Year Statistics Compare

Additionally, institutional investors are already exposed to the digital asset through the various ETFs approved by the SEC. Aguilar notes that funds like Valkyrie track U.S. public companies that are exposed to bitcoin through the ETF Balance Sheet Opportunities.

Much like Ethereum, bitcoin appears to be heading towards a year-end close to expectations. Digital assets continue to struggle at $ 48,000 ahead of the holidays, suggesting a close below $ 50,000 for the year is looming.

Featured image from BankrateAn, chart from TradingView.com

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