The January crypto market fall had some digital assets closing the month within the red region. They included the second-largest coin by value, Ethereum, which dropped 27% since December. Though the altcoin registered positive outcomes in February, price crash potential remains. Bloomberg believes Ethereum can plummet towards the lows of $1,700. However, experts trust Ethereum will preserve its bullish fundamentals.
ETH Might Follow 2021’s Price Trends
Bloomberg revealed its pessimistic warns on Ether. Bloomberg analysts expect ETH to plunge towards the lows of $1,700 (Intelligence report). However, an upside correction might follow the anticipated downswing.
Bloomberg suggests Ethereum might follow its 2021 (June – September) price actions and dip under its current zone towards the mentioned target.
Mike McGlone, a senior commodity strategist, was among the analysts. They pointed out that Ethereum wavers within a consolidation period near a bullish market end. That seems possible as the market benefited sellers and buyers as it traded within the $2K to $4K range.
A bear emergence generally impacts long positions than the short ones. Nevertheless, Bloomberg states that this bearish’s effect shift will hurt shirts than long ETH holders. However, the analysts said that Ethereum would retain its positive fundamentals within the anticipated plummet. Therefore, a dip under $1,700 will mean a bullish move for the currency. It might also be necessary, like in 2021, to clean weak leverage long Ether positions.
Bloomberg believes that the 2nd-most valuable crypto has a lucrative long-term picture. It compares ETH’s fundaments to Bitcoin’s, which experts predict a move towards $100K because of rising demand and dwindling supply.
Experts expect Bitcoin and Ethereum to grow as the mainstream supports this nascent technology. Moreover, the assets remain in their early acceptance phases.
Ethereum Price Currently
ETH price seems to downplay the issue. The past few days saw the alt surpassing $3,000, following a nearly 19.7% gain. While writing this blog, Ethereum changed hands to $3,062, following slight dips within the past few hours.
Nevertheless, Ethereum and other alts trade in green as the crypto space recover from last week’s plummets. ETH gained around 20% within the past seven days, leading the top-five assets as far as weekly performance is concerned.
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