Price correction for Ethereum: Analyst Predictions


Price correction for Ethereum

The explosive growth trend of Ethereum might be the reason for price correction says Nicole Duke, an analyst at Forex Analytix. And recently there was the same price correction for Ethereum prediction by Duke for bitcoin. And stated that Ethereum would experience a 38.4% tumble from Wednesday’s high of $227 and 27% drop from Friday’s price.


Rebound Price Fall.

The way paves to $140 low if Ethereum falls to below $170, Duke stated, marking a 38.4% drop from the $227 high. After falling to $140, it could rally back to $240.

The price could pullback if bitcoin get close to $2800, so the Duke was corrected with her bitcoin calls. She notices declination of bitcoin would still continue until another rally takes hold. Whereas Bitcoin hits $2791 Thursday and declined around $2571 Friday morning.

Trader Jim Frederickson noted yesterday that both bitcoin and Ethereum are currently overvalued, due for a correction, and at the present time, he would not buy them.

Bitcoin provisions other currencies.

A director at Global Advisors Bitcoin Investment Fund, Daniel Masters says that: Bitcoin has served as a gateway to other digital currencies that are gaining acceptance. Masters said a diverse cryptocurrency ecosystem is evolving in tandem with fiat currency.

Ethereum supports contracts which immediately executes to a computer algorithm when a particular contract is met. Few industries had invested in Ethereum technology that was able to use smart contracts.

Show More

Disclaimer : The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of Coinpedia. Every investment and trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.

Qadir AK

Qadir Ak is the founder of Coinpedia. He has over a decade of experience writing about technology and has been covering the blockchain and cryptocurrency space since 2010. He has also interviewed a few prominent experts within the cryptocurrency space.

Related Articles

Back to top button