On the afternoon of January 19, the Ethereum rate renewed its all-time high, reaching $ 1440, after which the coin was near the $ 1400 level. The last wave of growth in the value of the cryptocurrency began on January 11 with a local minimum of about $ 900. Such a drawdown could become a “recharge” for an asset, the price of which could move further without reference points in the form of long-term highs, says Denis Voskvitsov, head of the fintech company Exantech. Writes about this RBC Crypto.
“The return of demand for risks (as well as the return of traders to active work after the weekend in the US) supported the growth of stocks and commodities, but even more influenced the cryptocurrency market. After a slight stagnation, the buyers returned to action, ”the expert explained.
On January 19, it became known that Ethereum surpassed Bitcoin in terms of daily trading volume. In the altcoin network, transactions were made for $ 12 billion, which is $ 3 billion more than the main cryptocurrency. The data provided does not include transactions and other transactions on decentralized exchanges.
Nikolay Klenov, a financial analyst at the Raison Asset Management investment company, believes that in the near future, a rollback of the Ethereum rate or its consolidation at about $ 1400 is possible. At the same time, in the long term, Klenov expects an increase in the value of both ether and bitcoin.
“The launch of ETH futures will increase its liquidity and provide more opportunities for price manipulation: this can affect quotes both in one direction and in the other direction,” Klenov warned.
Grigory Klumov, the founder of the stable cryptocurrency platform STASIS, agreed with him. According to him, Ethereum is now growing on the positive from the launch of Ethereum futures on the Chicago Mercantile Exchange (CME). But it will rise in price exactly before the launch, scheduled for February 8, after which the price will begin to decline, Klumov believes.
The expert believes that short positions will be opened against the ether on CME, which will negatively affect the price of the altcoin. Klumov recommended taking profits on January 25-28 and added that the cryptocurrency could return to growth approximately three months after the start of the February correction. The rate of recovery of quotes will depend on the success of the Ethereum 2.0 update.
Earlier, the managing partner of the Moonrool Capital fund Simon Dedich predicted that the value of Ethereum would double after it hit its all-time high. According to Dedich, the asset price can skyrocket to $ 3,000.
Then financial analyst at Currency.com Mikhail Karkhalev agreed that Ethereum has a chance to rise in price to $ 2,500-3,000 during 2021.
The founder of the information portal Nugget’s News, Alex Saunders, added that in the long term, Ethereum could rise in price to $ 5,000, $ 10,000 and even $ 20,000.
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