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ETH Price Posts Recovering from 50% Drawdown Signs $4K Ethereum By July?

ETH Price Posts Recovering from 50% Drawdown Signs $4K Ethereum By July?

The value of Ether ( ETH) has dropped to test support levels of $3,000 in February. 9 after Ethereum's primary token hit a three-week high.

The price of ETH rises to a three-week highest

The price of ETH has risen by about 50% since the ETH/USD trading pairs bottomed at around $2,150 in January. 24.

The price of Ether jumped. 7 due to KPMG, which is part of the Big Four accounting giants, announced that it will be including Bitcoin ( BTC) and Ether to its Canadian division's balance sheet. Bitcoin increased to more than $45,000 after the news, the highest since the beginning of February.

However KPMG, this Big Four accounting giant chose not to reveal the extent of its involvement in Bitcoin or Ether markets. However, KPMG has stated that it was aiding its customers to "navigate" the maze of cryptocurrency assets.

Then, ETH to $4K?

Ether's value not long recently experienced its seventh drawdown of 50% in the past, in what is referred to as a brand-new " crypto winter." But the USD/ETH pair recouped half of its losses, gaining from its lows of $2150 to as high as $3,234 within less than three weeks.

The Ether's fastest recovery to date from the bearish cycle, when compared with the typical restoration period of 165 days and is the subject of a brand-new study from Arcane Analysis.

"ETH dropped 94% from its ATH during the winter of crypto in 2018. In contrast to the dip of 50% in March of 2016, which was recouped in a mere 67 days" as per the Arcane Analysis.

Chris Burniske, a companion at Placeholder -an enterprise capital company -- has also given a positive forecast for Ether but primarily in light of its planned change this year to proof-of-stake versus proof-of-work.

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