Is Ethereum Staging a Short-Term Rally - Price Analysis.
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Ethereum Price Might Hit $4k By July – Know Reasons?
2022-02-09 | Mike Hallen
Ethereum Price Might Hit $4k By July – Know Reasons?
February 9, 2022 | Mike Hallen
On Feb. 9, the value of Ethereum is down to retest $3,200 support levels following Ethereum’s indigenous token achieving a three-week high.
Ethereum Price has risen to a three-week high
Since the ETH/USD trading combination dropped out at $2,150 on January 24, the price of ETH has regained about 50%.
The price of ETH increased on February 7 as a result of KPMG, one of the Big Four accounting firms, saying that it is integrating Bitcoin (BTC) as well as Ethereum (ETH) to its Canadian team’s balance sheet. Following the announcement, Bitcoin surged to moreover $45,500, its highest level in nearly a month. The Big Four accounting firm, on the other hand, elected not to reveal the extent of its involvement in the Bitcoin as well as Ether marketplaces.
When will Ethereum reach $4000?
Ether’s price just saw its sixth 50% drop in existence, prompting many to term it a new “cryptocurrency winter.” However, the ETH/USD pair regained half of its losses in much fewer than three weeks, climbing from a low of $2,150 to a high of $3,234 in shorter than three weeks.
According to the latest research by Arcane Research, this was Ether’s quickest rebound from a bearish phase to date, relative to its average recovery period of 165 days.
Chris Burniske, a consultant at Placeholder, a New York-based venture capital company, also expressed optimism for Ethereum, although premised upon its planned switch to proof-of-stake from proof-of-work this year.
