Ethereum Pump Around the Corner, Says Polygon Cofounder

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Even though Bitcoin has seen an uptrend, Ethereum (ETH) has struggled to keep pace compared to it. Recently, Ethereum has been unable to surpass the significant resistance at $3,800, a level it hasn’t breached in the last month.

As an analyst, I’m sharing my perspective on recent comments made by Sandeep Nailwal, the co-founder of Polygon, regarding Ethereum’s potential price movements. He expressed a confident outlook, predicting a bright future for Ethereum prices.

Bold prediction from Polygon’s cofounder

In a recent post on X, Nailwal expresses an opinion contrary to the common viewpoint regarding Ethereum in the crypto market. He is convinced that a significant surge in Ethereum’s value, one that could shock many, is imminent and is just about to occur.

According to Nailwal’s post, he seems optimistic about a significant hike in the price of Ethereum imminently. Interestingly, he predicts that the value of ETH will skyrocket once the current bull market starts gaining momentum.

Contrarian take : Ethereum pump is around the corner and its going to absolutely melt faces

— Sandeep | Polygon (※,※) (@sandeepnailwal) January 17, 2025

In a show of unwavering conviction, Polygon’s co-founder anticipates an astonishing price jump. He believes this upward trend will be so extraordinary that it could leave many market participants utterly astounded.

Experts advise that investors should thoughtfully weigh Nailwal’s forecast. They pointed out that since he co-founded Polygon – one of the initial layer-2 protocols on Ethereum – his positive stance towards Ethereum’s future perspective seems justified.

Currently, Ethereum (ETH) is being traded at approximately $3,405.51, marking a 2.16% rise over the past 24 hours. Interestingly, the trading volume has decreased slightly by 1.07%, amounting to around $27.25 billion.

Currently, the value of Ethereum is significantly lower than its record peak by about 30%, which was set at $4,891.70 exactly three years back, on November 15, 2018.

Catalysts for Ethereum’s growth

The gradual increase in value of Ethereum compared to Bitcoin has surprised many market analysts, especially considering that it has experienced multiple updates to its blockchain technology.

Furthermore, Ethereum boasts an active layer 2 (L2) environment, leading many to predict that its worth could surpass current highs as the market continues its upward trend.

As an analyst, I believe Nailwal might have taken these factors into account when making his prediction. Given Polygon’s recent collaboration with India’s multinational giant Reliance Jio, it seems plausible that he anticipates heightened activities from this partnership and other L2 ecosystems could potentially boost the market value of ETH.

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2025-01-17 14:55