The bull market is around the corner. This means there’s a chance to be a millionaire if you hold the right token. Very few tokens qualify as “right” as much as Ethereum. So ETH is one of your best chances to be a millionaire.
But how much ETH do you need to achieve this? That’s what we want to show you.
Historical Performance of ETH
Before I come to an exact number of ETH you need to become a millionaire, you and I need to understand where Ethereum could go from here. But we first need to understand where it’s been. Most of us are not whales holding hundreds of thousands of ETH. So this means we will need to see a big price move to become an Ethereum millionaire.
But it could happen. Ethereum isn’t a stranger in the crypto community. It is currently ranked #2 by market cap, just behind Bitcoin.
So, the current ETH price is $1,810.11. It has a circulating supply of 120,206.250. Ethereum has a market cap of $217,555,405,540. This means it makes up a significant portion of the $1 trillion crypto sector as a whole.
Ethereum is your best bet in crypto, right after Bitcoin. Its all-time high was $4,815.00 on November 9, 2021. ETH took a hit from the bear market, like everything else. But, it still has a promising future. Ethereum is arguably the altcoin with the biggest potential. Ethereum has several factors that guarantee its long-term success.
- Smart contracts
Also, Ethereum is the first smart contract platform. Smart contracts are the pillar behind the rise of decentralized finance (DeFi). So, Ethereum is home to some of the best DeFi projects.
- NFTs
Ethereum is the most widely used platform for NFT marketplaces. I agree that NFTs’ popularity has gone down. But if it were to pick up, Ethereum would have a leading position.
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The Metaverse
Ethereum is arguably one of the most popular blockchains for metaverse projects. Top metaverse projects like The Sandbox and Decentraland are built on Ethereum’s blockchain.
Source: Twitter
Ethereum hosts several other cryptocurrencies on its network. Projects like Polygon and Shiba Inu rely on Ethereum. So, Ethereum has all it takes to succeed and exceed its past glory. Do you think Ethereum can hit a new all-time high? Let us know in the comments below.
What Does Ethereum’s ETH Chart Say?
We asked our Technical Analysis team to look at Ethereum. And here’s what they had to say:
“ETH is currently trading at a crucial support zone. Failure to hold this support at $1673 could lead to a drop towards $1478, $1194, and $1081, which seems more likely. If ETH manages to stay above $1673, we could start seeing a continuation of bullish momentum towards $2133, $2684, and $3561, which is a less likely scenario.”
Source: Tradingview
So can ETH hit a new ATH? I definitely think it can in the next bull run.
ETH’s lowest point before the start of the last bull market was 89.66 on March 9, 2020. But it picked up in the 2021 bull market and hit an ATH of $4,815.00 on November 9, 2021. That’s about 54.01X.
Ethereum has an even more developed ecosystem now than it did then. There have also been a lot of updates and upgrades, such as
- The Merge
- Shanghai Hard Fork.
We’ve seen how crazy ETH gets in previous bull runs. I doubt if anything is going to change that in the next bull run.
How Much ETH = $1 Million?
So you’ve seen our bull arguments based on:
- Market value growth.
- Market value dominance.
- Technical analysis.
- Thriving ecosystem.
So how much ETH do you need to be a millionaire? We see ETH surpassing its ATH in the next bull run. Our analysis places it somewhere around $6000. If that’s the case, you’ll need about 166.67 ETH tokens to be a millionaire.
Ethereum could definitely go above $6k in the next bull run. But I think that’s a more comfortable probability. For 2023, I’ll place Ethereum’s near-term high at $2,100. What’s your take on all of these? Let us know in the comment section below.
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