Fundstrat managing director Mark Newton predicts ether will reach $5,500. When? After the current correction is completed.
Ether at $5,500
Research and analysis company Fundstrat predicts that ether will likely make its local “bottom” in the next two days, and then we will see increases again, which will make us see as much as $5,500 on the chart.
I don’t pay much attention to the weakness of cryptocurrencies in recent days and I expect that ETH will probably bottom in the next 1-2 days and then rise again
– said Fundstrat Global Advisors managing director Mark Newton.
His comments were shared on Thursday by Bitmine CEO and Fundstrat advisor Tom Lee. Newton also noted that there was a “modest three-wave correction” that he said should end with a drop to $4,200 over the weekend, “which would provide an optimal support area.”
ETH rate today
On Tuesday, the ether price reached a weekly high of $4,750. Currently, 1 ETH costs USD 4,336.5, yesterday the price dropped below USD 4,300 – to USD 4,265.
So far, nothing technically bad has happened on the ETH chart. It’s a natural correction.
Cryptocurrency analyst Benjamin Cowen is also optimistic and believes that the price will eventually start to rise, it may take longer than a few days.
Ethereum’s potential to regain record high price levels grows amid potential macroeconomic changes amid a weakening U.S. economy
– Nassar Achkar, director of strategy of the CoinW exchange, told Cointelegraph.
The projected rebound is driven by constructive technical conditions and expectations of increased liquidity from potential Federal Reserve policy easing
– he added.
In his opinion, any short-term declines are “strategic opportunities to accumulate” ahead of the expected growth.
Giants are buying
In the background we see shopping giants. Over the last few days, Grayscale has raised and started staking over a million ETH. All as part of the recently launched ETH staking system. ETFs are also buying.
Recently, ether has been purchased by, among others: SharpLink, BitDigital or the mentioned Grayscale.
