Ethereum Gas Fee Hits A 8-Month Low, Bill Barhydt Sets $30,000 Bull Case for ETH

Ethereum (ETH) witnessed some major bounceback on Monday, March 14, and is currently trading at $2,550 levels. Along with Bitcoin (BTC), the world’s second-largest cryptocurrency continues to remain volatile in the price range of $2,500-$3,200.

As this happens, the Ethereum (ETH) blockchain continues to see some major developments. On-chain data provider Santiment reported that the Ethereum (ETH) has touched an eight-month-low, a big relief to ETH investors. As per Santiment:

Ethereum is bouncing rapidly around the $2,560 level currently. In addition to the extremely tight #SP500 correlation it has right now (even more than Bitcoin), it’s also seeing 8-month low fees right now. $ETH last had fees below $4.10 in mid-July.

On the other hand, billionaire Elon Musk also confirmed owning Ethereum in his portfolio and added that he won’t be selling the crypto amid critical concerns of rising inflation. The Ethereum 2.0 development is also moving in the right direction with more than 10 million ETH staked on Ethereum’s PoS blockchain.

Bill Barhydt – ETH Can Touch $30,000

Speaking to CNBC on Monday, March 14, Bill Barhydt, CEO of crypto exchange Arba expressed some confidence in Ethereum saying that the crypto has all the potential to hit $30,000-$40,000.

The several use cases and the developments happening in the Ethereum ecosystem makes Bill more bullish. “Ethereum’s network effect is based on this idea that it could become the world’s computers. It’s being used for stablecoins, NFTs (non-fungible tokens), defi (decentralized finance) … and gaming now,” he said.

The Ethereum 2.0 upgrade is expected to go live by mid-2022. He said that after the initial rush to stake happens, some “sell-the-news effect” could kick in. But he remains bullish that once the overall gas fee comes down, it will be overall bullish for the ETH investors. Bill said:

“If the gas fees and the transaction fees come down, which is the promise of the proof-of-stake, look out, because now all of the impediments of those network effects are taken out of the way. I think, you are talking potentially $30,000-$40,000 Ethereum”.

Ethereum and crypto can expect volatility going ahead this year considering the quantitative tightening measures from the Fed. However, this could be a good entry point for all long-term investors.