Ether (ETH) could reach $27,000 at the top of the current bull cycle, predicts Ethereum community member and investor Ryan Berckmans.
“My personal prediction is $12,000 to $27,000 per Ethereum within 18 to 30 months," he said in a recent interview with Cointelegraph.
As one of the main catalysts for ETH's appreciation, Berckmans points at the lack of selling pressure from miners, which disappeared after Ethereum switched from a proof-of-work to a proof-of-stake consensus mechanism in September 2022 with the Merge upgrade.
The current bull cycle is the first for Ethereum since its transition to a proof-of-stake system.
As pointed out by Berckmans, miners have to regularly sell large amount of coins to cover operational costs, which puts downward pressure on prices of proof-of-work coins.
According to the expert's estimates, at the top of last cycle Etheruem was responsible for the majority of all proof-of-work related costs despite having a lower market cap than Bitcoin.
“We should expect aggregate proof-of-work sell pressure to be over 80% reduced compared to last cycle,” Berckmans pointed out.
To find out more on Berckmans' outlook for Ethereum in the current market cycle, check out the full video on our YouTube channel!