Ethereum price did crash in January but has witnessed its sharpest rebound to date in a bear trade. ETH has pulled back to retest $3,000 support levels on the 9th of February after ETH native token reached a three week high.
Ethereum has always experienced an elevated average in terms of comeback. ETH price has recently bounced back by approximate 50% after ETH /USD exchange rate bottomed near $2,150 as at January.
ETH price increased by 30% over the past week dip, as it addresses assets accounting for up to 0.1 ETH as it reaches new ATH. As of press time, (ETH) trade at $3,183 with a 6.5% revenue in the last 24 hours.
On February 7th, ETH price plummeted in part as a result of KPMG, one of the world’s accounting ogres, announcing that the firm is adding BTC and ETH to it’s Canadian division balance sheets. Bitcoin rebounded to about $45,500 in the track of the news, it’s best price within a month
Nonetheless, the accounting company decided not to publicize the degree of its susceptibility in Bitcoin and ETH trade markets. However, KPMG did state that it is helping it’s client’s find their way around the crypto world.
A partner at Pomp Investments, Anthony Pompliano, termed KPMG’s strategy as extremely forward-thinking, commenting that their interest will arouse a confidence in client’s that have been thinking about adding crypto assets to their investments .
In a long period of time, it feels like a corporate need will continue to erupt and these asset will profit from continuous purchase, alongside long term investors for years to come.
Ether at $4,000 What’s Next?
Lately, ETH price listed its 50% drawdown in record of what others referred to as “crypto winter”. Meanwhile ETH/USD set regained half of it’s casualties by rising from its bottom stage of about $2,150 to a stage of $3,234 in not less than three weeks.
This was considered to be the quickest comeback time within 165 days. “ETH diminished by 94% from its ATH at the 2018 crypto winter, when compared to the 50% dip in March 2016, which was regained in just 67 days,” Arcane Research wrote as this:
“Ethereum and the large crypto community look very distinct from 2016-2018. However, if history is any proof, and shutting out a new glacial period like 2018, we could probably see prices return to the $4,000 spectrum in July 2022.”
A partner at Placeholder — a venture capital firm based in New York – also offered a assertive outlook for Ethereum albeit based on its expected transition this year to proof-of-stake from proof-of-work.
“2H 2022 could be considerable for ETH if the merge occurs as planned and the market system of the investment goes through a huge transition.