Glauber Contessoto, also known as "Dogecoin millionaire," expressed bullish sentiments on Ethereum (CRYPTO: ETH), predicting a parabolic rise for the second-largest cryptocurrency.
What Happened: While acknowledging current market frustration over ETH’s underperformance, he believes Ethereum is well-positioned for future growth.
He highlighted Ethereum’s appeal to institutional investors, describing it as a trusted blockchain for building applications, unlike Solana (CRYPTO: SOL), which he labeled a “meme coin blockchain” attracting high-liquidity traders.
Contessoto asserts that institutional investment in Bitcoin (CRYPTO: BTC) will eventually shift to Ethereum for development purposes.
His prediction sees Ethereum potentially hitting $15,000 this cycle if Bitcoin climbs to $200,000, emphasizing its role as the next step for institutional players
Trader CrediBULL Crypto warned that while Bitcoin is testing its range highs, Ethereum remains stagnant.
If Bitcoin faces a rejection at these levels, Ethereum could follow suit.
The trader hopes for either an Ethereum rally to match Bitcoin’s gains or a price dip below $2,800, presenting a buying opportunity.
Also Read: Bitcoin, Ethereum ETFs And Tokenized Assets ‘Broaden’ Investor Access
Why It Matters: Despite concerns over Ethereum’s sluggish performance, Contessoto and others highlight its strong potential for long-term growth, driven by institutional adoption and its robust blockchain ecosystem.
IntoTheBlock data shows large transaction volume increasing by 79.9% and daily active addresses falling by 6.7%. Transactions greater than $100,000 are up from 5,187 to 8,210 in a single day. Exchanges netflows are up by 527%.
Coinglass data reports Ethereum open interest spiked to $18 billion.
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