The cost of Ether or Ethereum has gone to retest the support levels of USD 3000 on 9th February, followed by the native token of Ethereum reaching high in three weeks.
Price of Ethereum Hikes To 3-Week High
To date, the price of Ethereum has recovered roughly by fifty percent, followed by the price of the trading pair of ETH-USD touching the bottom at nearly USD 2150 on 24th January.
The price of Ethereum increased on 7th February partly because of the announcement made by KPMG, a part of the accounting giants named Big Four, that The firm will add Ether and Bitcoin (BTC) to the balance sheet of their Canadian division. The cost of Bitcoin increased to more than USD 45500 following the announcement, which can be considered as the best level seen in about a month.
The KPMG, however, decided not to divulge the degree of their exposure in Ether and Bitcoin markets. The Big Four accounting giant quoted that it will be helping the client base to "navigate" across the vast world of crypto assets.
According to a partner at Pomp Investments named Anthony Pompliano, this move of KPMG is remarkably forward-thinking. The reason may be that the involvement will increase confidence among the clients who might have been considering adding crypto assets to the balance sheets. Pompliano added that the situation felt like the corporate demand would keep on exploding over a long period. The crypto assets would gain from constant purchases alongside the long-time holders in the years and decades that follow.
Ethereum To Touch USD 4K Next?
The price of Ether has logged its 7th fifty percent drawdown in history quite recently, and many people are calling this the new cryptocurrency winner. However, the ETH-USD pair recovered half of the losses as it rose from the bottom at USD 2150 to skyrocketing at USF 3234 within only three weeks.
According to the new report from Arcane Research, it was the fastest recovery of Ethereum from the bearish cycle to date compared to the 165 days of average recovery span.
Arcane Research stated that compared to a fifty percent dip from March of 2016, which recovered within just sixty-seven days, the ETH reduced nicety four percent from the ATH in the crypto winter of 2018. The company also noted that compared to 2016 to 2018, Ethereum, along with the larger crypto ecosystem, is quite different and yet if the history has any indication. By leaving out the glacial period as in 2018, they can see the Ethereum price reach in the range of USD 4000 within as small a span as July this year.
Chris Burniske, one of the partners in the capital venture firm based in New York named Placeholder, also provided the optimistic outlook for Ethereum, probably based on the year's expected transition to PoS (Proof of Stake) from PoW (Proof of Work). He said that 2H 2022 might be good for Ethereum if the merging takes place on schedule and the asset's market structure shifts remarkably from PoW to PoS.