Sat, November 26, 2022

Ethereum Could Drop to $1,700 – Analyst Expectations

ethereum and bitcoin

The price of Ethereum and bitcoin may be severely affected by the current wave of volatility. This forces traders to return to the drawing board and adjust to short-term expectations. On February 17, the price of Bitcoin fell below $40,000. Ether failed to maintain support at $2,900. This, in turn, increases the chances of falling to $2,500. According to the spread data; After standing near the $2,900 support level during the morning trading hours, Ether followed a wave of sales; And then that brought it down to the $2,752 overnight low.

Analysts have differing views on the price of Ether. However, most believe that a further decline is expected because global tensions are still rising. Crypto Trader provided an overview of Ether’s current prospects under the pseudonym ‘Crypto Tony’; They published a chart outlining the support and resistance areas that traders should watch. IncomeSharks set the pace for further price action on Friday. This published the following diagram indicating that the Ether is now in a significant resistance zone.

However, according to the analyst, the Ether is at the time of resistance; despite everything, it has a high chance of flourishing because it is flat. If the currency rises; It could go from $2,900 to $3,000. Assuming what could happen to Ether and the broader Altcoins market if it fails to maintain that level; Released by trader Pentoshi. He said the trend is downward. It is worth noting that the total market capitalization of cryptocurrency now stands at $1.899 trillion. From this data, the dominance of Bitcoin is 41.4%.

Ethereum and Inflation Impact

On February 9, the U.S. Bureau of Labor Statistics announced that the consumer price index increased by 7.5% compared to the same period last year. This is the most significant annual increase since 1982. Before the pandemic, the rate was 1.8%. It is worth noting that the main reason for the rise in inflation is the robust health of the U.S. economy. In the immediate aftermath of the COVID-19 crisis, 22 million jobs were cut, and national economic output saw a considerable decline. The U.S. economy began a massive recovery amid the relative success of the vaccination campaign. However, it seems that the supply chains were unprepared.

The growth was boosted by a $1.9 trillion COVID-19 aid package from the president’s administration. Most American families received thousands of dollars in direct support from the federal government. Experts predict that the inflation wave will gradually disappear by the end of the year.

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