Ethereum is Ready for $5,000 and Chainlink for $100, says Market Analyst

Ethereum (ETH) is up by 22.42% in the last seven days to trade at $2,440 at the time of writing, according to CoinMarketCap.

ETH’s current bull run has made market analyst Michael van de Poppe acknowledge that the second-largest cryptocurrency based on market capitalization has set its eyes on the $5k price level. He said:

“Ethereum is ready for $5,000 and Chainlink for $100.”

Ever since ETH breached the previous record of $1,400 set in 2018, the second-leading crypto has been on overdrive as it continues to scale new heights. 

On-chain data provider Santiment recently revealed that Ethereum’s rally to $3k and beyond looked set thanks to booming non-fungible token (NFT) and decentralized finance (DeFi) sectors. 

Ethereum Berlin upgrade roll out

With Ethereum’s Berlin hard fork anticipated to go live on April 15 at block 12,244,000, increased gas efficiencies and enhanced protection against denial-of-service (DDoS) attacks are expected to be observed. 

The Berlin upgrade is an improvement to the present ETH 1.0 mainnet, which is anticipated to be deployed on Ropstein, Goerli, and Rinkeby testnets before making its way onto the mainnet. With the Berlin upgrade, four Ethereum Improvement Protocols (EIPs) will be implemented.

Therefore, it is expected to tackle the challenge of high gas fees being experienced in the Ethereum network. 

Chainlink hits new all-time high

Chainlink (LINK), the tenth-largest cryptocurrency with a market capitalization of $17.56 billion, has risen by 25.86% in the past 24 hours, according to CoinMarketCap. 

LINK has been on a rollercoaster ride based on its record-breaking moves, which saw it hit a high of $42.80 on April 15. This uptrend is the reason behind Michael van de Poppe’s speculation that Chainlink is eyeing the $100 price level. 

So far, LINK's rate of return is very impressive, rising by more than 200% since the beginning of 2021. 

Image source: Shutterstock