Ethereum
Ethereum’s pullback is an ‘opportunity’, says top analyst
Alex Dovbnia
You Probably Shouldn’t Be Worried About Ethereum’s Recent Price Drop, According to This Analyst
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Miles Deutscher, Cryptocurrency Analyst believes The recent drop in Ethereum’s price is “not surprising at all,” Deutscher added, adding that the recent pullback could actually be an opportunity for investors.
The recent drop in Ethereum’s price caught many market participants off guard, just a day after the launch of the much-anticipated exchange-traded funds.
As reported by U.TodayThe flagship altcoin plunged as much as 8% on Thursday.
In addition to the significant outflows seen by Ethereum ETFs, the second-largest cryptocurrency has also been under pressure due to the recent market crash.
However, as Deutscher points out, the king of cryptocurrencies also saw a sharp price correction after the launch of Bitcoin ETFs in January. In fact, the price of Bitcoin has dropped by 20% since the launch of these products. Bitcoin has then rallied by 91% in 51 days, reaching its current all-time high of $73,737 on March 14.
That being said, it is worth noting that Bitcoin ETFs still saw inflows of around $200 million on their second day of trading, which is in stark contrast to the net outflows seen by Ethereum ETFs.
The capital outflows have taken a toll on the ETH/BTC pair, which is under renewed pressure.
Additionally, Ethereum could also struggle to recover in the event of a more severe market correction. reported by U.TodayCryptocurrency critic Peter Schiff recently predicted that US stocks were on the brink of a major crash that could lead to the start of a recession.
However, most analysts believe that Ether ETFs will eventually see strong outflows that could reach as much as $6 billion during the first year of activity.
The price of Ethereum has increased by more than 70% on a year-over-year basis.
About the Author
Alex Dovbnia
Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader, and journalist with extensive experience covering everything related to this booming industry, from price analysis to blockchain disruption. Alex has authored over 1,000 articles for U.Today, CryptoComes, and other fintech outlets. He is particularly interested in regulatory trends around the world that are shaping the future of digital assets. You can contact him at alex.dovbnya@u.today.