On the 10th of May, Ethereum (ETH) would break into new levels and hit an all-time high of $4,196 as recorded by Coinmetrics.
Etheruem’s bearish run so far
The market, overjoyed and excited, would aim higher, anticipating that Ether bulls will sustain the newly attained price level and continue to push the second-largest crypto asset higher.
However, the new milestone would be short-lived, as Ether would only maintain that price for five more days. Prices fell below $4,000, all the way down to the $2,170 price, and even downwards to $1,952.
Ethereum bulls were hit by the bear trend that preceded the fundamentally bearish activists that pushed back many other altcoins but would manage to climb up above $2,000 and make it a base price for the most part of June and July.
Bloomberg analysts insist Ethereum is strong enough to attempt $4,000
However, this price underperformance may soon be a thing of the past, as Bloomberg analysts are now asserting that Ether is positioning itself to take on the $4,000 price level. Unlike Bitcoin, analysts are not of the opinion that Ether hit its all-time high too quickly. In fact, the general sentiment is that Ethereum is still highly undervalued. But a change is underway. Bloomberg unravels this in its recent outlook piece, saying
“Ethereum is beating out competitors, and we believe its rising status as the go-to platform for the digitalization of finance and money infrastructure should keep its price on the rise.”
In the above graphics, Bloomberg’s chart captures Ethereum building base at $2,000 in the same manner that Bitcoin has done at the $30,000 price level. This could lead Ethereum to quickly head for $4,000. This time, with market interest surging following the EIP-1559 rollout, Ether stands a good chance at building enough momentum to sustain $4,000 and close the year at a much higher price mark.
As Bloomberg strategists wrote;
“We see probabilities tilted toward more price-appreciation resumption and for Ethereum to rise toward $4,000.”
Everything could go upwards from here for the no.2 digital currency that has been outperforming Bitcoin for the past two years, according to Bloomberg.
“ …in the aftermath of the B-Word conference, we expect more of the same.
Consolidating Bulls, Ethereum Upper Hand.” concludes Bloomberg.