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The once lustrous digital currencies are no longer considered such, at least, in the short term considering the nosediving nature of prices and valuation at this time.
With the combined crypto market capital slumping to $858.7 billion at the time of writing, the industry is experiencing a major offset with Ether, the native coin of the Ethereum blockchain coming off as one of the biggest hits.
From its all-time high (ATH) of $4,891.70 attained back in November 2021, Ethereum’s price is now trading at $1,065.35, after slumping to a multi-year low of $896.11 over the weekend. Considering this outlook, Peter Brandt, one of the most vocal analysts in the digital currency ecosystem is not bullish on Ethereum in the near future.
According to a chart posted below, Brandt said the price of Ethereum can drop as low as $300. While investors or Ethereum bulls may consider this a negative call, the analysts said that “targets are not sacred — sometimes they are hit, sometimes not, sometimes exceeded.”
Despite his prediction and his sprinkle of uncertainty, Brandt is not advising anyone to stack up on Ethereum at the moment, noting amongst other things that he would not even use his “Enemy’s Money” to buy Ethereum at this time.
The digital currency ecosystem is not alien to price predictions from experts, most of which do not always hit the bull’s eye. The industry is still in a subtle discovery phase wherein both micro and macroeconomic events can easily alter the progression of events, thus making it difficult for a price call to follow the letter.
Predictions that Bitcoin will hit $500,000 by 2030 as issued by the Winklevoss Twins are still being watched to see if it will come to pass and neither is PlanB’s $100,000 projection looking as though it will come to reality.
Image source: Shutterstock
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