Ethereum's Explosive $10K Price Surge Achievable Through 2 Catalysts, Analyst Says

Ethereum can surge to $10,000 in the next bull run and two catalysts can help the world's second-largest crypto asset (by market capitalization) reach the sky-high price, according to a cryptocurrency analyst.

Analyst Gary Turner, of Coin Bureau, said on Ben Cowen's "NFA LIVE" that Ethereum can skyrocket in the bull run, adding a "killer app" could spark the ginormous Ethereum rally and push it toward the five-figure price level.

Unfortunately, Turner also has no idea what this game-changing "killer app" is. The analyst, however, noted that it might come and "supercharge" a particular sector, which could be the GameFi or the metaverse.

"I think for the sort of wider crypto market beyond Bitcoin and Ethereum, something like a killer app," Turner said on "NFL LIVE."

"People ask me what that killer app is going to be, and I always say, if I knew, I'd be off building it. So I have no idea but I think… We're so close to the beginning of the journey in what crypto can do and what the people working in crypto are capable of doing," the analyst added. "So, I think we could see a killer app come and really supercharge one particular sector, maybe something like GameFi or – dare I say it? – the metaverse."

Aside from the "killer app," Turner also identified a "more mundane" catalyst that could help surge the price of Ethereum – the launch of a new Central Bank Digital Currency (CBDC) from a big country that would pave the way for the mass adoption of cryptocurrency.

However, the crypto analyst thinks it would take a really "big economy" to roll out a CBDC with "insane limitations," which may appear convenient but not good. It would get people into saying, "You know what, I need to get to something that isn't this. I need to get into Bitcoin."

Ethereum completed the Merge last year, an upgrade that transitioned the network from using proof-of-work to a proof-of-stake mechanism.

Some analysts think the major change in the network could trigger the "flippening," a situation where Ethereum claims the spot as the top crypto asset by market capitalization.

So far, Ethereum is slowly reclaiming its past price and has seen a 1.30% gain over the past 24 hours. It was trading up at $1,705.41 with a 24-hour volume of $7,408,964,829 as of 10.53 p.m. ET Monday, according to data from CoinMarketCap.