Over the past day, the Ethereum rate on the Binance crypto exchange has decreased by 3%, to $ 1.05 thousand, at the moment dropping below $ 1,000. A few days ago, the asset updated its three-year maximum – $ 1.3 thousand, but has been falling in price since then, writes RBC Crypto …
Experts told to what level the price of ether can drop, whether it is worth buying a cryptocurrency now and when it will update its historical record of $ 1.4 thousand.
The most likely scenario is a decrease in ETH to the level of correction, or $ 906.4, explained Yuri Mazur, head of data analysis at CEX.IO Broker. According to him, this level was reached on January 11, and then there was a sharp rebound, which demonstrated its significant reversal potential and a high concentration of orders on it.
Mazur believes that the decline may continue to $ 558.3 or $ 647.8, after which a new stage of asset value growth is likely. Just at this time, it is possible to update the historical maximum, the expert noted, for example, in the fourth quarter of 2021.
Alexey Kiriyenko, managing partner of EXANTE, has a different opinion. He stressed that Ethereum finds consumer demand at levels around $ 1,000. Kiriyenko noted that the global demand for risks in traditional markets is now the best indicator for ether and bitcoin.
“While stocks are renewing their highs, it is worth waiting for an accelerated rise in prices for cryptocurrencies. The comments of FRS representatives that they do not plan to reduce asset purchases revived buyers, so in the near future it is possible that we will be able to test all-time highs above $ 1.4 thousand, ”Kiriyenko predicted.
Fundamentally, ETH looks strong – all decentralized exchanges and smart contracts operate on air, the expert explained. The demand for Ether can be assessed by the price of on-network transaction fees – now they are extremely high. Kiriyenko concluded that it was not worth selling altcoin.
Currency.com financial analyst Mikhail Karkhalev agreed with him. He advised not to expect a deeper correction from ether and bitcoin in the coming days. During the correction, large players did not sell assets, but, on the contrary, strengthened their positions, according to the analytical service Glassnode.
“If suddenly a decline occurs, the nearest strong zone is the $ 800 mark, which the ether could not reach for a long time. Although, in my humble opinion, the price is unlikely to go below $ 850. After the resumption of growth, as soon as bitcoin reaches about $ 45 thousand, then ether will renew its maximum. I dare to suggest that this will happen before the end of January, “Karkhalev suggested.