Saturday, December 2, 2023

Bloomberg Analysts Envision Ethereum Crashing To $1,700 In The Short-Term

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Ethereum Tops $3,000 As Bull Rally Continues, Hitting Its Highest Level Since May




Bloomberg has denoted its bearish views on Ethereum (ETH). In its recent Intelligence report, Bloomberg analysts predict that Ethereum could drop to as low as $1,700. However, the drop might be followed by an upward correction.

How is Bloomberg dissecting the Ethereum market?

Bloomberg explains that Ethereum (ETH) could imitate last year’s June to September price movement, and take a downslide below current price levels, to drop at the aforementioned price.

ETHUSD Chart by TradingView

Ethereum could repeat last summer and revisit about $1,700. Once the weaker leveraged long positions were purged, the resolution was a new high around $4,800 in November. Ethereum approaching the lower end of its range has greater risks for shorts than longs.” – read the report.

Typically, a bear storm affects long positions more than it does shorts. But in this case, Bloomberg asserts that the effects of this bearish move will cause more harm for Ethereum shorters than it will for long positions.

Going forward, Bloomberg maintains a positive long-term outlook for the second most valued cryptocurrency. It compares Ethereum’s fundamentals to that of Bitcoin, which is expected to topple $100,000 in the near term, due to its diminishing supply, and rising demand. 




Ethereum’s fundamentals are similar, with straightforward technical guidance and buyers prevailing at about $2,000 and sellers around $4,000.” Bloomberg added.

Except “something reverses the proliferation of the nascent technology,” Ethereum and Bitcoin are expected to continue moving upwards. This is credited to the fact that both cryptocurrencies are said to still be in their very early adoption stages.

Where do other key figures see Ethereum’s price landing?

Some leading platforms and key players seem to also have a long-term bullish price prediction for Ethereum. The savings platform, called $7,609 as the expected price for Ethereum (Ether) later this year, but still expects to drop to $6,000 by the end of the year, due to market rivalry.

Meanwhile, Vanessa Harris — the company’s Permission chief product officer — insists that the asset will lose a lot of value. By 2030, she sees Ether sitting at $100.

Her views are backed by speculations that Ethereum’s transition from Proof-of-work to a Proof-of-stake blockchain, will not fix the problem of network congestion, which has repeatedly led to exorbitant fee charges for network users.

However, she maintains that as far as smart contracts are concerned, Ethereum is still one of the most promising networks at this time.

At press time, Ethereum (ETH) is in green with many other altcoins, as the market clears last weeks’ losses. Ethereum has surged nearly 20% in the last 7-days, making it the best performer among the top five leading Cryptocurrencies by market cap.


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