Ether (ETH) has the potential to reach an impressive price of $27,000 during the current bull cycle, according to Ryan Berckmans, a member of the Ethereum community and an investor. In a recent interview with Cointelegraph, Berckmans shared his personal prediction that Ethereum could range from $12,000 to $27,000 per coin within the next 18 to 30 months.
Berckmans attributed this positive outlook to the absence of selling pressure from miners. This change occurred in September 2022 when Ethereum transitioned from a proof-of-work to a proof-of-stake consensus mechanism through the Merge upgrade. The shift to proof-of-stake has eliminated the need for miners to regularly sell large amounts of coins to cover operational costs. This continuous selling previously exerted downward pressure on the prices of proof-of-work coins.
Berckmans emphasized that during the previous bull cycle, Ethereum shouldered the majority of all proof-of-work related costs, despite having a lower market capitalization compared to Bitcoin. However, he anticipates that aggregate proof-of-work sell pressure will be drastically reduced by over 80% in the current cycle.
For a more in-depth analysis of Berckmans’ predictions for Ethereum in the current market cycle, you can watch the full video on our YouTube channel.