Latest news about Bitcoin and all cryptocurrencies. Your daily crypto news habit.
ETHâs price may have bottomed in January following its sharpest rebound to date in a bear market.
The price of Ether (ETH) has pulled back to retest $3,000 support levels on Feb. 9 after Ethereumâs native token reached a three-week high.
ETHâs price climbs to three-week high
To date, ETHâs price has recovered by roughly 50% after the ETH/USD trading pair bottomed near $2,150 on Jan. 24.
ETH/USD daily price chart. Source: TradingView
ETHâs price jumped on Feb. 7 in part due to KPMG, part of the Big Four accounting giants, announcing that the firm is adding Bitcoin (BTC) and Ether to its Canadian divisionâs balance sheet. Bitcoin rallied to over $45,500 in the wake of the news, its best level in almost a month.Â
However, the Big Four accounting giant chose not to disclose the degree of its exposure in the Bitcoin and Ether markets. But KPMG did state that it is helping its clientele ânavigateâ the world of crypto assets.
Anthony Pompliano, partner at Pomp Investments, called KPMGâs move âincredibly forward-thinking,â noting that its involvement would strike confidence in its clients that might have been considering adding crypto assets to its balance sheets. He noted on Tuesday:
âOver a long enough timeframe, it feels like corporate demand will continue to explode and these assets will benefit from persistent buys, along with long-term holders, for years and decades to come.â
ETH to $4K next?
Etherâs price recently logged its seventh 50% drawdown in history in what many called a new âcrypto winter.â But the ETH/USD pair recovered half of its losses by rising from its bottom level of $2,150 to as high as $3,234 in less than three weeks.
ETH/USD daily price chart with Fibonacci-based support/resistance target levels. Source: TradingViewÂ
This was Etherâs fastest recovery to date from a bearish cycle, compared to its average recovery time of 165 days, noted a new report by Arcane Research.
âETH decreased 94% from its ATH during the 2018 crypto winter, compared to the 50% dip in March 2016, which recovered in just 67 days,â Arcane Research wrote, adding:
âEthereum and the broader crypto ecosystem look very different from 2016â2018. Still, if history is any indication, and leaving out a new glacial period like 2018, we could perhaps see prices back in the $4,000 range as early as July 2022.â
Related:Â Ethereum eyes $3.5K as ETH price reclaims pandemic-era support with 40% rebound
ETH drawdown from ATH. Source: Arcane Research
Chris Burniske, a partner at Placeholder â a New York-based venture capital firm â also offered a bullish outlook for Ether, albeit based on its expected transition this year to proof-of-stake from proof-of-work.
â2H 2022 could be great for ETHÂ if the merge happens on schedule and the market structure of the asset goes through a huge shift from PoW to PoS.â
The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.
Disclaimer
The views and opinions expressed in this article are solely those of the authors and do not reflect the views of Bitcoin Insider. Every investment and trading move involves risk - this is especially true for cryptocurrencies given their volatility. We strongly advise our readers to conduct their own research when making a decision.