$4K Ethereum by July? ETH price posts fastest recovery to date from 50% drawdown
The price of Ether (ETH) has pulled back to retest $3,000 support levels on Feb. 9 after Ethereum's native token reached a three-week high.
To date, ETH price has recovered by roughly 50% after the ETH/USD trading pair bottomed near $2,150 on Jan. 24.
ETH price jumped on Feb. 7 in part due to KPMG, one of the world's four accounting giants, announcing that the firm is adding Bitcoin (BTC) and Ether to its Canadian division's balance sheet. Bitcoin rallied to over $45,500 in the wake of the news, its best level in almost a month.
However, the Big Four accounting giant chose not to disclose the degree of its exposure in the Bitcoin and Ether markets. But KPMG did state that it is helping its clientele "navigate" the world of crypto assets.
Anthony Pompliano, partner at Pomp Investments, called KPMG's move "incredibly forward-thinking," noting that their involvement would strike confidence in their clients that might have been considering adding crypto assets to their balance sheets. Excerpts from his note published Tuesday:
Ether price recently logged its seventh 50% drawdown in history in what many called a new "crypto winter." But the ETH/USD pair recovered half of its losses by rising from its bottom level of $2,150 to as high as $3,234 in less than three weeks.
This was Ether's fastest recovery to date from a bearish cycle, compared to its average recovery time of 165 days, notes a new report by Arcane Research.
"ETH decreased 94% from its ATH during the 2018 crypto winter, compared to the 50% dip in March 2016, which recovered in just 67 days," Arcane Research wrote, adding:
Related: Ethereum eyes $3.5K as ETH price reclaims pandemic-era support with 40% rebound
Chris Burniske, a partner at Placeholder — a New York-based
Read more on cointelegraph.com
